Binance, Upbit, Coinbase See Surging XRP Outflows, as Investors Pull $2B From Futures Market

XRP outflows have dominated major exchanges such as Binance, Upbit, and Coinbase, despite the persistent bearish pressure.

XRP continues to struggle, trading more than 72% below its all-time high of $3.66. However, despite the downtrend, investors have continued moving XRP off exchanges. This could reduce the amount of XRP available for immediate selling and, in turn, ease some of the selling pressure.

Binance, Upbit and Coinbase See XRP Outflows

Recent CoinGlass data confirms this trend. Over the past seven days, all major exchanges except Bitstamp and Gemini recorded net XRP outflows. 

Binance led the withdrawals, with investors moving $32.32 million worth of XRP off the exchange. Upbit followed with $23.94 million, while Coinbase recorded $8.12 million in outflows. Bybit ranked next with $6.91 million in withdrawals.

Essentially, Binance, Upbit, and Coinbase alone accounted for $63.17 million in XRP outflows during the week. 

Other major exchanges also recorded withdrawals. Gate saw $1.25 million leave its platform, while OKX and Kraken recorded outflows of $1.20 million and $1.01 million, respectively. 

Bitstamp and Gemini were the only major exchanges to record inflows, but their figures remained small at $1.21 million and $230,000, respectively.

XRP Futures Flows Turn Negative

The XRP futures market has shown a different trend over the very short term, although its broader weekly figures also point to more money leaving than entering. 

Over the past eight hours, futures inflows jumped 352% to $3.27 million. The increase suggests that traders have recently taken greater interest in derivatives trading despite the weakness in XRP’s spot market.

However, the seven-day figure remains negative. Specifically, XRP futures recorded $2.01 billion in outflows over the past week, compared with $1.86 billion in inflows. 

This left the market with a net outflow of $149.42 million. In other words, despite the recent rise in short-term futures activity, more money has left the market than entered it over the past week.

XRP Clings to $1

The exchange outflows have come as XRP continues to struggle around the important $1 level. XRP currently trades at $1.0054 after moving between $0.9937 and $1.0083 during the latest daily session. Bears remain in control as the token continues its 30-day decline. XRP has also fallen 67.62% over the past 12 months.

Several technical levels now stand above the current price. The 20-day EMA at $1.0266 is the first major resistance XRP needs to clear. A move above it would bring the 50-day EMA at $1.0708 into focus, followed by the 100-day EMA at $1.1516. 

These levels could make a sustained recovery more difficult if XRP fails to break through them. On the downside, the $0.9877 cycle low remains the main near-term support level for traders.

XRP also continues to trail the wider crypto market. Over the past seven days, the price has declined 1.30%, while the broader market has gained 1.20%. 

The Federal Reserve’s July meeting minutes, due today, could contribute to the short-term outlook. The release may reveal the central bank’s approach to interest rates. Any signs that could support future rate cuts may provide some relief for risk assets, including cryptocurrencies.