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.
Binance’s share also jumped, going from nearly zero on July 16 to about 10% of the current total. But such activity seems to have dropped on Upbit, whose share went from 40% in June to around 12% today.
XRP Struggling Below $1
Taha’s reading has come just as XRP once again went below the $1 level, with analysts like Crypto Patel suggesting things could get much worse before they improve. According to him, the sixth-largest cryptocurrency by market cap could yet drop by a further 20% to 40%, taking it to an accumulation zone between $0.85 and $0.65.
Meanwhile, another market watcher, ChartNerd, has said the asset is currently repeating the same coiling pattern it formed before a major bull run in the past, just on a bigger scale. He predicts there could be a strong breakout from the current retest zone toward $8, $13, and $27, as long as the ascending support holds.
XRP was still trading just under the $1 mark at the time of writing, with CoinGecko data showing it had barely moved in 24 hours but had dropped by slightly more than 1% over seven days.
Every other chart bled red, with the asset down 7% in two weeks and 9% across 30 days. However, the biggest come-down was on the yearly chart, which showed that the Ripple token has plunged well over 66% from where it was 12 months ago.
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