CoinGape reported that cryptocurrency exchanges' XRP holdings have increased to approximately 11.81 billion units, reaching the top 1% level over the past year. According to CryptoQuant data, while sellable XRP volume is accumulating on exchanges, Binance's XRP futures open interest (OI) has decreased by about 15.8% since the beginning of this month. During the same period, forced liquidations of long positions also surged. On-chain analyst CryptoOnchain stated via X that "leverage in the futures market has been resolved, but the exchange volume has not decreased as much." In this regard, the media explained, "Leveraged traders have been pushed out of the market, but XRP that flowed into exchanges still remains. An increase in exchange holdings does not necessarily mean selling, but if actual sell orders increase, price volatility could rise. The direction of XRP net inflow/outflow for exchanges will be important over the next 5 to 10 trading days. If holdings continue to decrease, and spot ETF net inflows and on-chain activity are maintained, the assessment of short-term risk could change." Meanwhile, the cumulative net inflow for XRP spot ETFs is approximately $1.8 billion, but the recent daily net inflow has slowed.
