XRP Exchange Reserves Reach 11.81B as Whale Activity Falls

• XRP exchange reserves reached 11.81 billion tokens on October 17, ranking in the 99th percentile of the past year.
• Binance whale outflows’ 90-day average fell to $49.7 million, its lowest level since October 2021, according to Darkfost.
• Binance XRP open interest dropped 15.8% to $453 million as leverage declined and average daily net inflows reached 9.3 million XRP.

XRP exchange reserves climbed to 11.81 billion tokens on October 17, while whale outflows on Binance fell to a five-year low. CryptoQuant reported declining leverage alongside elevated exchange balances, as analyst Darkfost recorded a sharp drop in whale activity. The data shows exchange supply and derivatives exposure moving in different directions.

XRP Whale Outflows Fall to Five-Year Low

Darkfost said XRP whale outflows on Binance peaked around February 2025, when XRP traded near $3.30. The 90-day average reached $3.5 billion, with several daily spikes exceeding $10 billion.

https://twitter.com/Darkfost_Coc/status/2112421505069908394?s=20

Since then, whale outflows have declined steadily. The 90-day average recently fell to $49.7 million, matching levels last seen in October 2021. Darkfost said XRP’s resilience during the bear market may have reduced whales’ incentive to accumulate as heavily as they did in 2022 and 2023.

However, Darkfost noted that falling activity does not guarantee further declines. Market trends can reverse when trading volume and interest reach low levels.

Exchange Reserves Rise While Binance Leverage Drops

CryptoQuant reported that aggregate XRP exchange reserves reached 11.81 billion tokens on October 17, placing them in the 99th percentile of the previous 365 days. Binance reserves stood at 2.67 billion XRP, ranking at the 30th percentile against the exchange’s yearly range.

https://twitter.com/cryptoquant_com/status/2112145989121323424?s=20

Meanwhile, Binance XRP open interest fell 15.8%, from $538.1 million on October 4 to $453 million on October 17. Long liquidations totaled $25.7 million on October 7–8, the largest two-day cluster in the previous two weeks.

During that period, XRP fell from $1.52 to $1.29, a 15% decline. Binance’s leverage ratio dropped from 0.205 to 0.170, while funding turned negative on six of 11 days.

Whale Activity Weakens as Exchange Inflows Continue

Binance recorded average net inflows of 9.3 million XRP daily over the past week. Inflows reached 22 million and 29 million XRP on October 13 and 14, respectively.

However, whale volume fell 44% week over week, while transferred tokens declined 37%. CryptoQuant suggested holders may have moved XRP onto exchanges for collateral or hedging, although that explanation remains unverified.

The reserve buildup also overlapped with mid-October U.S. CPI data, when rate expectations and the dollar index can influence crypto risk appetite. CryptoQuant said leverage had reset faster than exchange supply.