- XRP exchange withdrawals rise as Bybit sell-side pressure sharply fades this week.
- Binance liquidations spike as leveraged XRP traders reduce market exposure rapidly.
- Institutional XRP accumulation weakens while resistance holds near $1.47 for now.
XRP market activity has entered a new phase after weeks of persistent exchange deposit pressure. CryptoQuant data shows that Bybit’s month-long deposit imbalance has largely faded, while Binance and Coinbase now display stronger withdrawal activity.
The change arrives during a period of weaker institutional accumulation and rising liquidation pressure across Binance derivatives markets. Consequently, traders now face a mixed environment where selling pressure cools on one side while leverage unwinds aggressively on the other.
Bybit previously recorded consistent positive transaction deltas between mid-April and mid-May. That pattern often reflects elevated sell-side risk because traders usually move tokens onto exchanges before selling.
However, the latest data shows that Bybit’s transaction delta returned close to neutral around May 16. This shift suggests the earlier wave of exchange inflows has slowed significantly.
Moreover, Binance and Coinbase have moved into negative transaction territory. Withdrawal activity now exceeds deposit activity on both exchanges.
This development points to a broader change in exchange behavior rather than a continuation of the earlier selling trend. Although the metric tracks transaction counts instead of XRP volume, analysts still consider the directional change important.
Institutional Demand Weakens on Binance
At the same time, another CryptoQuant indicator reveals softer institutional accumulation on Binance. The institutional accumulation metric recently slipped to roughly -0.0059 after recovering during April. The decline coincided with XRP’s drop toward the $1.38 region.
Source: CryptoQuant
During April, the indicator gradually improved as XRP climbed near $1.45. Positive readings suggested stronger participation from larger investors. However, the latest reversal signals more cautious market positioning. Large investors now appear less aggressive than they were several weeks ago.
Additionally, weaker institutional accumulation often reflects slowing liquidity growth and reduced momentum. It does not necessarily indicate heavy institutional selling. Instead, the data currently suggests hesitation among larger participants.
Significantly, the indicator remains close to neutral territory. Therefore, the market has not entered a severe distribution phase. Analysts believe a move back into positive territory could signal renewed confidence from institutional traders and larger market participants.
Binance Liquidations Add Pressure
XRP also faces mounting pressure from derivatives markets. Binance data shows weakening conditions across perpetual futures and spot trading activity.
Open interest dropped from roughly $247.5 million on April 14 to nearly $233 million. This decline indicates traders reduced leveraged exposure during the latest downturn.
Meanwhile, Binance perpetual cumulative volume delta deteriorated sharply. The metric fell from around $474 million to nearly $574 million. That additional $100 million decline highlights continued aggressive selling activity in derivatives markets.
Spot trading conditions also weakened during the same period. Binance spot cumulative volume delta declined by more than $50 million, confirming that sellers remained active outside futures markets.
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The strongest warning signal emerged from liquidation activity. XRP long liquidations surged to nearly $4.5 million, marking the largest spike since late February. That level exceeded the February liquidation event, which occurred when XRP traded near $1.34.
Consequently, several market indicators now point toward a broader structural reset. Leveraged traders faced heavy pressure while sellers maintained control across both spot and perpetual markets.
Analysts Watch Key Resistance Levels
Despite the recent weakness, some analysts still expect a stronger move later this month. Market analyst Dark Defender stated that XRP’s broader Elliott Wave structure remains intact on the two-week timeframe. According to the analysis, the current resistance and support structure approaches a critical apex formation.
The analyst identified immediate support levels at $1.36 and $1.31. Meanwhile, resistance stands near $1.47, followed by $1.88 and the broader $3.50 region.
XRP currently trades near $1.36 after falling 0.79% over the past day. The token also declined 4.68% during the last week. Additionally, XRP maintains a market capitalization above $83.9 billion with daily trading volume exceeding $1.7 billion.
Related: XRP Price Prediction: XRP Stabilizes After Heavy Liquidations as Ripple Lands on CNBC Disruptor List
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