On-chain data from CryptoQuant has revealed a growing divergence in XRP activity across global exchanges, while other metrics suggest that bullish momentum may be quietly rebuilding after a long cooling period.
The first indicator, highlighted by analyst Amr Taha, tracks the percentage of withdrawal transactions (not total value) on several platforms. On May 11, Indonesia-based Indodax recorded a 7-day withdrawal transaction share of just 23% — only slightly above the 22% low seen on July 7, 2025. In stark contrast, major exchanges like Binance and Coinbase maintained levels near 49%. This split suggests that XRP withdrawal demand is weakening on the regional exchange, while holders on larger global platforms remain highly active. According to Taha, such divergences can reflect changing local participation or trading preferences, and if the trend widens, traders may view it as an important structural signal.
At the same time, a separate CryptoQuant analysis by CW8900 points to renewed upside pressure in the XRP spot market. The Spot Average Order Size metric shows that oversized whale orders — which dominated during XRP’s rally toward $3 — have largely receded, indicating the accumulation phase by large holders has likely concluded. Meanwhile, the Spot Taker Cumulative Volume Delta (CVD) has flipped to Taker Buy Dominant, meaning aggressive spot buyers are beginning to dominate again. This shift is notable because it is driven by genuine spot demand rather than leverage, which often supports more sustainable rallies.
CW8900 noted that the combination of completed whale accumulation and improving buy-side pressure increases the probability that XRP may be preparing for another rally, even though an immediate breakout is not yet confirmed. With XRP stabilizing near the $1.40–$1.60 range after a decline from highs above $3, the absence of heavy distribution and the return of spot buying are early signs worth monitoring.
