On-chain data shows large holders have sharply slowed their XRP accumulation, raising questions about future buying support
XRP ’s biggest buyers appear to have stepped away from the checkout counter.
According to on-chain analyst Darkfost, with data corroborated by CryptoQuant, XRP outflows from Binance to large-holder wallets fell to a 90-day moving average of roughly $49.7 million as of October 20, 2026. That is the weakest reading since October 2021, a five-year low for a metric widely watched as a gauge of whale accumulation.
The current reading looks thin next to recent history. In February 2025, the same 90-day measure peaked at approximately $3.5 billion .
During that stretch, there were multiple instances where outflows exceeded $10 billion.
In late September 2026, whales accounted for approximately 82% of total centralized exchange outflows at one point. That share later tapered off.
In the weeks leading up to October 20, Binance and Upbit reserves together decreased by approximately 104.7 million XRP .
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Darkfost’s explanation centers on a counterintuitive culprit: XRP has held up too well.
The analyst attributed the slowdown to XRP’s relative price resilience during the current bear market. When prices refuse to fall much, large buyers have less reason to accumulate aggressively.
That contrasts with the bear market lows of 2022 and 2023. During those periods, deeper price drops created incentives for large-scale accumulation, and whales took advantage.
Darkfost suggests existing large holders are likely holding out for better entry points before committing more capital.
Darkfost warned that XRP’s long-term buying volume support could weaken further without renewed whale participation.
The approximately 82% whale share of exchange outflows from late September showed large holders can still dominate flows when they choose to act.