$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.