XRP (XRP), like the rest of the crypto market, has experienced volatility in October. However, 3 bullish signals are now building at once.
Exchange reserves are shrinking while whale-sized outflows dominate. Spot exchange-traded funds (ETFs) keep buying, and a major XRP treasury heads to Nasdaq.
Exchange Shelves Thin as Whales Lead the Outflows
Analyst Amr Taha, citing CryptoQuant data, noted that Binance’s XRP balance dropped from 2.704 billion to 2.631 billion XRP between September 26 and October 4.
Upbit lost another 31.6 million XRP between September 11 and October 5. Together, the 2 exchanges shed about 104.7 million tokens.
Whale-sized transfers dominated outflows during that stretch. On Binance, Whale Outflow Dominance reached 84.2% on September 29, while retail’s share fell to 15%. Taha said the pattern points to shrinking exchange-side supply.
Santiment data shows one large-holder group growing over the same month. Addresses holding 10 million to 100 million XRP owned 13.8 billion tokens on October 6.
That compares with 12.48 billion on September 6. Most of the increase arrived in a single jump around September 24.
Meanwhile, social media sentiment soured in October. Santiment’s bullish-to-bearish ratio for XRP fell to 0.67 as October began, its weakest since August 17. The firm said heavy pessimism can set up a contrarian rebound, though it offers no guarantee.
Wall Street’s XRP Order Is Still Open
That gloom has not reached institutions. XRP ETFs have recorded net inflows for 12 consecutive weeks, SoSoValue data shows.
Since mid-July, Bitcoin (BTC) and Ethereum (ETH) ETFs each posted 3 weekly outflows, while Hyperliquid (HYPE) ETFs recorded 4.
The pace slowed last week, though. XRP funds added $4.74 million versus $75.6 million a week earlier.
A 473 Million XRP Treasury Goes Public
Investors gain another listed route into XRP this week. Ripple-backed Evernorth expects to close its merger with Armada Acquisition Corp. II on October 7. The combined company could begin trading on Nasdaq as XRPN the next day.
Evernorth expects to hold roughly 473 million XRP at closing, making it the largest publicly traded XRP treasury. That stash is worth about 37% less than at signing.
Armada’s shares, already listed under XRPN, surged ahead of the deal. The stock closed Monday at $38.65, up 142.02% over 5 days, Google Finance data shows.
What XRP’s Price Needs Next
XRP itself trades at $1.51, down 1.36% on the day, according to BeInCrypto Markets. The token closed July, August, and September higher, gaining more than 43% in the quarter.
Leverage has lagged that rally. XRP open interest on Binance stands at $516.6 million. That remains far below October 2025’s $1.3 billion.
Recent analysis shows a four-hour close above $1.53 could open a move toward $1.62. Evernorth’s debut, Ripple’s Swell conference and the Federal Reserve’s October 27 to 28 meeting are the month’s next catalysts.
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