XRP Wallet Activity Turns Withdrawal-Heavy Across Exchanges: What It Means for Price?
Wallet activity related to XRP has become heavily weighted toward withdrawals.
Data shared by Analyst Amr Taha shows that Coinbase recorded a seven-day net wallet count of -14,300.
Coinbase Accounts for 47.3% of the Imbalance
Net wallet count is just a simple score that shows whether more people are putting crypto into an exchange or taking it out, and per Taha’s data, some of the largest crypto trading venues are all negative for this metric.
On Binance, the number is -3,270 net wallets, and on Crypto.com, it stands at -2,680. Interestingly, the two exchanges first moved below zero on July 18, almost a week after Coinbase did the same, suggesting the imbalance wasn’t just down to a spike from one day of trading.
What this essentially means is that there are more wallets withdrawing XRP on these trading venues than those making deposits, and Coinbase has been the biggest hit.
According to the data Taha shared, as of August 18, the American exchange accounted for exactly 47.3% of the total absolute 7-day net wallet imbalance, which happens to be its highest level since July 2024.
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