XRP Sees Reserves Fall as ETFs Keep Buying
Outflows at Binance and Upbit point to tighter supply, while XRP spot ETFs keep buying and Evernorth prepares for a Nasdaq listing.
Key Takeaways
- XRP reserves on Binance and Upbit fell by about 104.7 million tokens combined, pointing to less supply on exchanges.
- XRP spot ETFs posted twelve straight weeks of net inflows, despite a slowdown to $4.74 million last week.
- Evernorth expects to merge on October 7 and start trading on Nasdaq as XRPN with about 473 million XRP in holdings.
XRP started October with three signals that market data says point to tighter supply. The price stayed weak at around $1.51 (€1.35), but at the same time reserves on exchanges fell, spot ETFs kept buying, and a large XRP treasury is soon heading to Nasdaq.
Less XRP on Exchanges
Analyst Amr Taha pointed to CryptoQuant data showing that Binance dropped from 2.704 billion to 2.631 billion XRP between September 26 and October 4. Upbit lost another 31.6 million XRP over the same period. Together, about 104.7 million tokens disappeared from those two exchanges.
According to Taha, the outflow numbers mainly came from large wallets. On Binance, Whale Outflow Dominance hit 84.2% on September 29, while the retail share fell to 15%. That suggests a bigger chunk of the tradable supply is leaving the exchange.
At the same time, Santiment sees a group of large holders getting bigger. Addresses holding 10 million to 100 million XRP had 13.8 billion tokens on October 6, up from 12.48 billion on September 6. A big part of that increase came in one jump around September 24.
ETFs Keep Buying XRP
Institutional demand held up in the meantime. According to SoSoValue, XRP ETFs logged 12 straight weeks of net inflows. That stands out, especially since Bitcoin and Ethereum ETFs each showed three weeks of outflows since mid-July, while Hyperliquid ETFs had four weeks of outflows.
The inflows did slow down, though. Last week, XRP funds added $4.74 million (€4.2 million), down from $75.6 million (€67.5 million) a week earlier. One extra detail is that Franklin Templeton's XRPZ ETF is now making the biggest contribution, with about $505 million (€451 million) in cumulative net inflows out of a total of nearly 1 billion XRP in spot ETFs.
Nasdaq Route for XRP
A new listed route is also coming outside the ETF market. Ripple-backed Evernorth expects to complete its merger with Armada Acquisition Corp. II on October 7. The combined company could start trading on Nasdaq as XRPN the next day.
Evernorth says it will hold about 473 million XRP at closing, making it the largest publicly traded XRP treasury. According to the source, that package is worth about 37% less than when the deal was signed. Armada shares, which already trade under XRPN, closed Monday at $38.65 (€34), up 142.02% in five days.
Why This Matters
For European crypto followers, this matters mainly because XRP is not just playing out as a token here, but is also getting more institutional access through ETFs and a listed vehicle. Less supply on exchanges can affect short-term liquidity, while the Nasdaq listing could draw extra attention to how traditional markets view XRP. That makes the next few weeks important for anyone tracking XRP's market structure.
