XRP's on-chain activity has shifted markedly in October 2026, with large holders moving liquidity to trading platforms rather than withdrawing tokens for long-term custody. According to CryptoQuant, total exchange deposits reached 6.05 billion XRP over the past month, the highest level since March and nearly double the volume seen in mid-August. Binance was a primary destination, with one data point citing 2.46 billion XRP received during the period; separate trailing 30-day figures showed 1.669 billion XRP deposited on Binance, a seven-month high.
The move comes during a local price correction. After rising to $1.70, XRP settled around $1.30, and whale withdrawals from Binance fell to a five-year low. Daily outflows from large wallets dropped to just $49.7 million, a level last seen in October 2021. By comparison, in February 2025, when XRP traded near $3.30, investors were withdrawing about $3.5 billion per day. Analysts note that exchange inflows do not always translate into immediate sell orders; they can be used to support futures market liquidity or internal platform strategies.
On October 20, a wallet that had accumulated roughly 300 million XRP in late 2025 at around $2 transferred 82.3 million XRP, worth approximately $106 to $107 million, to a new address. Since the destination wallet was not linked to an exchange and went quiet immediately, analysts view the move as internal portfolio rebalancing rather than a sale. More than 140 million XRP remained in the source wallet.
While one market summary suggested ETF demand has weakened, cumulative net inflows into US spot XRP ETFs have reached $1.8 billion, providing a price-forming foundation separate from exchange speculators. The overall on-chain picture does not predict the next price direction, but it shows free liquidity on exchanges at a multi-month peak and suggests the market is ready to exit its current lull.
