A new cluster of data about the chain and fund circulation raises a familiar question in the XRP market: are buyers taking advantage of the recent weakness to accumulate? New numbers highlighted by CryptoQuant contributor Darkfost suggest that Binance withdrawal activity has increased, just as Spot XRP ETFs continue to capitalize despite the token’s withdrawal.
XRP collection continues?
Darkfost makes this move against a broader altcoin base that still seems selective, not broader. “Despite a period of uncertainty that has been very damaging to the cryptocurrency market, altcoins are starting to show some early signs of stability,” he said. “Total3, which represents the market capitalization of altcoins excluding Ethereum, is currently consolidated in the range of $640 billion to $740 billion, running about +11% since the beginning of February.”
This is important because his XRP reading is not based on a broader altcoin revival. It is based on capital concentration. As Darkfost said, “despite the complex macroeconomic environment and still limited market liquidity, a part of the capital is located in altcoins.” But with liquidity still limited and the universe of listed tokens expanding, he argued, “asset selection is becoming increasingly important.”
In this framework, XRP began to differ. CryptoQuant’s chart tracking Binance’s XRP Ledger exit transaction shows some sharp spikes in recent weeks, with a notable move on March 6th exceeding 14,000 transactions. These explosions came as the dollar price of XRP remained under pressure, which some traders often read as coins leaving exchange inventory rather than for sale.
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Darkfost was careful not to overstate the signal, but his interpretation was clear. “At the moment, there are some positive signals around XRP,” he said. “The number of XRP withdrawal transactions on Binance has seen some sudden spikes in recent days, including more than 14,000 transactions on March 6. This type of movement may indicate that some investors are piling in and then moving their tokens to private wallets rather than holding them on the exchange.”
The second pillar of the story is ETF demand. Bloomberg ETF analyst James Seyfarth said XRP spot products “have held up really well despite the massive price drop” and have seen cumulative inflows of around $1.4 billion since launch. A Bloomberg Intelligence chart shared by Seyfarth shows that flows increased from about $150 million on Nov. 13, 2025, to $1.44 billion on March 4, 2026, indicating that distributions are continuing even as market conditions are less forgiving.
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Seiffart also pointed to limited visibility around who exactly is buying. “Who are these buyers/owners?” wrote “Well, we only know a small fraction of them because most of them don’t file 13Fs. But here are the holders through 12/31/2025.” Bloomberg Intelligence’s holder chart shows Goldman Sachs Group with $153.8 million, which equates to 83.6 million XRP. Millennium Management has $23.1 million and 12.5 million XRP, while smaller positions are found in companies including Citadel Advisors, Jane Street, DRW Securities and others.
This combination is what gives XRP’s current setup its edge. On the one hand, there is an exchange redemption operation that can move coins from Binance and private wallets. On the other hand, there is steady adoption of ETFs and at least some evidence of creating 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
