XRP's Uphill Battle: ETF Outflows, Stolen-Token Swaps and a Lopsided Order Book
Published on 11/12/2026 at 16:21 | Editorial boerse-global.de
XRP is catching heat from several directions at once. US spot ETFs tracking the token bled $10.4 million in net outflows on Tuesday, according to media reports, and the prior week passed without a single trading day of positive net inflows. The fund channel, in other words, is offering no relief.
The picture darkens further when the calendar is stretched out. Monday saw $9.4 million leave Bitwise's XRP fund, and over the past seven days the token has shed 13% — a slump that reaches well beyond a single rough session. Broader market coverage pointed to muted risk appetite and expectations of higher US interest rates, with ETF redemptions and liquidations across crypto adding to the drag. XRP's own capital movements, then, are landing on already shaky ground.
Order Books Lean Heavily Toward Sellers
CryptoQuant data shows the aggressive buy-to-sell ratio on the spot market has tilted $2.5 billion in favor of sellers since September 23. The shift spans both direct token trading and derivatives, leaving a wall of supply in the path of any rebound. On Binance's perpetual XRP futures, the CVD reading slid from ?$109 million to roughly ?$1.1 billion, and Bybit's balance deteriorated over the same stretch.
For holders, the interplay between spot and leveraged trading matters most. A recovery would rest on firmer footing if buyers were absorbing supply on the spot market while selling pressure in futures eased. CryptoQuant considers it plausible that buyers will step in for the offered tokens, though a genuine reversal signal would require that demand to prove durable. As long as sellers dictate the flow, the data points to continued pressure on XRP.
Should investors sell immediately? Or is it worth buying XRP?
A Growing Base of Larger Wallets
Santiment counted roughly 343,500 wallets holding at least 10,000 XRP as of yesterday — a 5.15% increase over nine months. The cohort of bigger holders is expanding even as the price sags, which suggests appetite for XRP at depressed levels, provided that interest eventually shows up as sustained demand. Whether these buyers can actually soak up the current supply is the question that matters for near-term pricing.
At $1.03, XRP is trading close to the $1 support level flagged by Santiment. The firm sees room for a rebound on three conditions: the support holds, the number of larger wallets keeps climbing, and Bitcoin stays steady. Should support give way, Santiment warns of a brief sell-off.
Stolen Coins Rotate Into Bitcoin
Separately, the aftermath of the October 29 Binance security breach continues to unfold. Elliptic put the attackers' remaining holdings at about 60 million XRP as of Tuesday, after roughly 35 million XRP were swapped overnight through THORChain, predominantly into Bitcoin. That reshuffling materially alters the makeup of the stolen stash. The swap route matters for interpretation: the reported transactions concern the movement of the loot and only partly explain the overall price decline, given that fund outflows and broad market weakness are pulling at the same time.
XRP at a turning point? This analysis reveals what investors need to know now.
Ledger Housekeeping on the Calendar
Away from the market turmoil, the XRP Ledger has a technical date to keep. The XRPL community blog announced on Monday that the testnet and devnet will be reset on November 25, 2026, aimed at improving server stability with full transaction history. Network maintenance addresses technical resilience, while near-term sentiment remains hostage to capital withdrawals and the movements of stolen tokens. A friendlier demand picture through the funds would require outflows to slow — or inflows to return.
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