Coins are leaving XRP trading venues at the fastest pace since February, yet the price chart is not confirming any breakout. XRP changed hands at $1.10 at the time of writing, down 0.40% on the day, caught between a cycle low near $1.01 and a declining 50-day moving average that already turned away one recovery attempt this month.
The clearest signal came from Coinbase. CryptoQuant analyst Amr Taha noted that the exchange's seven-day net depositing/withdrawing transaction count dropped to roughly -13,000 on July 15, beating the prior extreme of -12,300 recorded on February 14. That 700-transaction gap translates to a 5.7% deeper withdrawal dominance than the previous five-month low, making it the widest outbound-versus-inbound spread on the platform since that period.
Binance moved in the same direction, though at a smaller scale. Its reading fell to approximately -5,600 transactions, close to levels last seen on February 11. Coinbase's negative figure is about 2.3 times larger. The most dramatic turnaround, though, belongs to Bybit: its seven-day count swung from roughly +27,000 transactions on June 7 to just -220 on July 15, a shift of more than 27,000 transactions in 38 days. Taha described Bybit's near-neutral result as evidence that "the earlier dominance of deposit transactions has largely disappeared" rather than being replaced by aggressive outflows. With all three exchanges in negative territory simultaneously, the data points to a coordinated, multi-venue rotation toward withdrawal-heavy XRP behavior.
One important caveat: the metric counts individual transactions, not the volume of XRP or its dollar equivalent. It tells you that more users are pulling coins off exchanges than depositing them, but says nothing about how many tokens are actually moving.
Supply on Binance Hits the Lowest Level Since February
The transaction picture lines up with raw reserve data. CryptoQuant contributor Arab Chain reported that Binance's XRP holdings fell to approximately 2.61 billion tokens at the start of July, their lowest level since February, and have since stabilized there with no meaningful inflows to replenish the balance. Historically, sustained exchange reserve drawdowns like this reduce readily available sell-side supply, but the effect on price depends heavily on whether demand shows up at the same time.
So far it has not. The daily chart shows a market that stopped falling but has not built enough buying pressure to push above the declining 50-day moving average. The February withdrawal surge eventually preceded a price recovery, though the two did not move in lockstep. Right now the gap between what the on-chain data implies and what the chart is actually doing is the most interesting thing about XRP's position heading into the second half of July.
This article is for informational purposes only and does not constitute financial advice. Crypto assets carry significant risk; always do your own research before making any investment decisions.
