XRP traded relatively flat on Wednesday, with improving whale activity and leverage metrics drawing attention despite limited price movement.
Notably, the token slipped around 2% over the past week as traders continued to navigate heightened volatility and cautious sentiment.
However, despite the subdued price action, on-chain and derivatives data suggest XRP’s market structure may be undergoing notable changes, with analysts pointing to shifting whale activity and a significant reduction in leveraged positions on Binance.
According to CryptoQuant analyst Amr Taha, XRP whale transactions are becoming increasingly dispersed across centralized exchanges rather than remaining concentrated on Binance.
Data shows the seven-day moving average of the XRP Whale against Retail Spread across all centralized exchanges surged from 26.0% on May 6 to 50.9% by June 29. The metric measures the difference between exchange outflows generated by transfers exceeding 100,000 XRP and those involving smaller transactions.
 
However, Binance has moved in the opposite direction. The exchange’s Whale vs. Retail Spread declined from 62.0% on June 11 to 44.6% on June 29, leaving it below the broader centralized exchange average.
The divergence suggests that large XRP transfers are no longer as heavily concentrated on Binance, with whale-sized activity increasingly appearing across other trading platforms.
While the metric alone cannot determine whether whales are accumulating, distributing, or simply reorganizing holdings, the trend highlights changing market participation and a redistribution of major transaction flows across exchanges.
Additionally, analyst Darkfost noted that Binance’s Estimated Leverage Ratio (ELR) has fallen to 0.16, one of its lowest readings since November 2024 and close to the April 2026 low of 0.15.
The ELR compares leveraged futures exposure with available exchange reserves. Lower readings generally indicate that speculative leverage is being removed as traders close positions or are liquidated, leading to declining open interest.
The analyst described the current phase as an important market reset, arguing that excessive leverage often creates unstable price conditions. Clearing those leveraged positions can establish a healthier market foundation before the next significant trend develops.
Furthermore, he pointed to a similar pattern during 2024, when XRP consolidated near $0.40 after leverage had largely been flushed from the market. That period eventually preceded a rally exceeding 790% as leverage gradually returned alongside renewed buying interest.
However, Darkfost cautioned that historical patterns do not guarantee identical outcomes, emphasizing that deleveraging should be viewed as an improvement in market structure rather than a direct price prediction.
Meanwhile, popular analyst Ali Martinez believes XRP may be approaching an important technical inflection point.
According to the analyst, XRP’s monthly chart has generated a TD Sequential buy signal, while shorter-term price action continues to consolidate inside a symmetrical triangle on the hourly timeframe.
The pundit stated that a decisive move above the $1.13 resistance level could trigger a breakout toward approximately $1.35, representing a potential gain of around 20%.
At press time, XRP was trading at $1.13, reflecting a 0.62% gain over the past 24 hours.
Be the first to comment