XRP’s (XRP) price has gained 11% over the past week as a broader rally lifts major cryptocurrencies. Only Solana (SOL) and Hyperliquid (HYPE) have posted stronger gains among the 10 largest coins.
However, the market is sending opposite signals. Whales are moving coins off exchanges while futures data shows traders positioning against the rally.
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XRP Whale Outflows Hit a Six-Month High
Darkfost reported that whales withdrew 231 million XRP from Binance. This marked the largest whale withdrawal recorded in six months.
Those outflows exceeded $335 million in a single day. The 90-day average sits closer to $40 million, based on his figures.
Whale withdrawals reduce the supply sitting on exchanges and available for immediate sale. They do not confirm a purchase on their own, since coins can move into custody for other reasons.
Notably, the withdrawals landed during a sharp recovery in the token. Darkfost put XRP’s gain over the period at roughly 70%.
“Should this accumulation dynamic continue, XRP could test the $2 mark…” he said.
Derivatives Traders Lean Against the Rally
The same analyst pointed to a contrasting signal in the derivatives market, where traders appeared to increase bearish exposure.
Binance’s net taker volume recorded its strongest sell-side imbalance of 2026, reaching -$96 million. The reading indicates that aggressive sellers significantly outpaced buyers, even as XRP climbed back above $1.
At the same time, XRP’s open interest on Binance increased by approximately 14.8%. The combination of heavy selling and rising open interest suggests that new short positions may have been entering the market. If the selling had primarily come from traders closing existing long positions, open interest would generally have fallen instead.
Taken together, the data point to a buildup of bearish positioning in the derivatives market, although they do not conclusively establish that every new position was a short.
“A real tug-of-war is now underway between spot demand and derivatives selling pressure. For now, XRP is holding above $1.40, but the outcome of this struggle will be decisive for its next price move,” the post read.
That leaves the two sides of the market pulling against each other. Spot holders absorb supply while leveraged traders position for a decline.
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