Over the past 24 hours, XRP remains flat – down about 0.4 percent as it trades at $1.07. However, exchange data shows some encouraging prospects for the cryptocurrency, as the proportion of withdrawal transactions have overtaken deposit transactions by a significant margin.
XRP withdrawals eclipse deposits
According to exchange data obtained on Friday, XRP withdrawal transactions gained their strongest dominance in more than 5 years, as the 7-day share on Binance climbed to 55.6 percent, its highest level since February 2021.
A similar shift was observed across other centralized crypto exchanges as their withdrawal transactions surged to 54 percent. The synchronized move between Binance and other cryptocurrency trading avenues shows that the change was not isolated.
Unsurprisingly, the XRP deposit transaction shares tumbled to a multi-year low of 44.3 percent on Binance. Meanwhile, the aggregate figure across all exchanges fell to 45.95 percent, the lowest reading for the metric since February 2021.
The difference has created a stark 11.3 percent gap between withdrawal and deposit transactions on Binance, compared with approximately 8.05 percent across all exchanges.
Binance’s withdrawal share also stood 1.6 percent above the market-wide average, while its deposit share was roughly 1.65 percent lower.
It’s worth highlighting that the shift saw rapid acceleration during the tail end of July, rather than developing gradually over the month.
The divergence is particularly notable, because XRP was trading near $1.08, well below its previous price highs, suggesting that exchange transaction behavior was changing despite continued price weakness.
Not a guaranteed bullish metric
The aforementioned metrics track the number of deposit and withdrawal transactions, not necessarily the volume of XRP transferred or confirmed net exchange flows.
As a result, it just signals a major change in transaction structure but does not, by itself, prove accumulation, reserve declines, or net capital movement away from exchanges.
That said, there are some positive exchange data metrics that signal that XRP may be on the cusp of a rally.
