A new group of on-chain and fund flow data fuels a familiar XRP market question: are buyers taking advantage of recent weakness to accumulate? New figures highlighted by CryptoQuant contributor Darkfost suggest that Binance withdrawal activity has increased just as XRP spot ETFs continue to absorb capital despite the token’s withdrawal.
XRP accumulation in progress?
Darkfost framed this move in a broader context of altcoins that still seems selective rather than expansive. “Despite a period of uncertainty that has been quite detrimental to the cryptocurrency market, altcoins are starting to show some early signs of resilience,” he wrote. “Total3, which represents the market capitalization of altcoins excluding Ethereum, is currently consolidating in a range between $640 and $740 billion, with a performance of approximately +11% since the beginning of February.”
This is important because its XRP reading is not based on a widespread altcoin revival. It is based on the concentration of capital. As Darkfost says, “despite a complicated macroeconomic environment and still limited market liquidity, part of the capital remains positioned in altcoins.” But as liquidity remains limited and the universe of listed tokens continues to expand, he argued that “asset selection is becoming increasingly important.”
In this context, XRP began to stand out. A CryptoQuant chart tracking XRP Ledger exchange withdrawal transactions from Binance shows several sharp spikes over the past few weeks, with the most notable movement surpassing 14,000 transactions on March 6. These surges occurred as the USD price of XRP remained under pressure, a trend that some traders often read as coins leaving the exchange’s inventory rather than moving to selling locations.
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Darkfost was careful not to exaggerate the signal, but his interpretation was clear. “At the moment, some positive signals are emerging around XRP,” he wrote. “The number of XRP withdrawal transactions on Binance has seen several sudden spikes in recent days, including over 14,000 transactions on March 6. This type of movement may indicate that some investors are accumulating and then choosing to move their tokens to private wallets rather than keeping them on exchanges.”
The second step in the story is the ETF application. Bloomberg ETF analyst James Seyffart said spot XRP products “have actually held up pretty well despite the massive price drop” and have absorbed around $1.4 billion in cumulative inflows since their launch. A Bloomberg Intelligence chart shared by Seyffart shows that flows fell from around $150 million on November 13, 2025 to $1.44 billion on March 4, 2026, suggesting that allocations continued even as market conditions became less forgiving.
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Seyffart also highlighted the limited visibility into who exactly is buying. “Who are these buyers/holders? he wrote. “Well, we only know a small part of it because the vast majority don’t file a 13F. But here are the holders as of 12/31/2025.” Bloomberg Intelligence’s holder chart shows Goldman Sachs Group in the lead with exposure of $153.8 million, or 83.6 million XRP. Millennium Management follows with $23.1 million and 12.5 million XRP, while smaller positions appear in companies such as Citadel Advisors, Jane Street, DRW Securities and others.
This combination is what gives the current XRP setup its advantage. On one side, there is exchange withdrawal activity which may indicate that coins are leaving Binance and heading to private wallets. On the other hand, there is continued absorption of ETFs and at least some signs of strengthening institutional exposure through traditional reporting channels.
At press time, XRP was trading at $1.3768.
Featured image created with DALL.E, chart from TradingView.com
