Ripple (XRP) traded near the $1 mark, down 2% in 24 hours, following Bitcoin’s dip below $63,000. On July 30, spot STF inflows reached nearly $6 million, signaling some investor conviction. Total net assets stood at $1 billion, though sellers dominated price action. Onchain data revealed a consolidation phase and reduced leverage, which could lead to healthier market conditions. XRP withdrawal transactions hit their highest since February 2021, while deposits fell to their lowest since 2021, indicating potential accumulation. The estimated leverage ratio declined, pointing to deleveraging and a more stable derivatives market, possibly supporting a prolonged consolidation above $1.
Ripple (XRP) traded just above the $1 level, down 2% in 24 hours, as Bitcoin slipped below $63,000. On July 30, strong spot STF inflows of nearly $6 million for XRP signaled some investor conviction. Total net assets were at $1 billion, but the price action was dominated by sellers.
Onchain data showed a consolidation phase and reduced leverage, which could lead to healthier market conditions. XRP withdrawal transactions from exchanges reached their highest since February 2021, with their strongest dominance in five years. At the same time, XRP deposits fell to their lowest since 2021, accelerating toward the end of July.
The metric deals with transaction counts, not transfer volume, so it does not prove sizeable capital flow away from exchanges. Analyst Darkfost observed that the average monthly XRP inflows to the platform now stand at around 3.6 million XRP, the lowest monthly inflow figure on record. Combined with heightened withdrawals, onchain metrics pointed toward holders unwilling to sell in large numbers.
The analyst concluded that low inflows represented seller exhaustion. “It could help XRP build a base above $1 and consolidate,” he said. The estimated leverage ratio (ELR), which tracks the ratio of Open Interest to exchange reserves, declined as exchange reserves hit their lowest since February and OI has been falling since May.
Falling ELR underlined deleveraging in the market, reducing systematic risk from leverage. This could give XRP more room to consolidate and offer a more stable derivatives market, less prone to liquidity hunts and price volatility. These conditions could lead to a prolonged consolidation phase that long-term investors could investigate as a buying opportunity.
