XRP Volume Jumps 53%: Here’s Where the Coins Went

Amr Taha’s CryptoQuant analysis puts the seven-day average of XRP spot volume at $786 million on November 9, up 53.2% from $513 million on October 28, over a stretch in which the token slid toward $1.10.

Volume jumped, and the price kept falling

A 53% rise in turnover during a decline says the market got busier, not who was winning. Volume counts what changes hands and nothing about how much of it the buyers mean to keep; the same coins can trade several times a day and lift the figure without adding a single long-term holder. Every fill also has a buyer and a seller, so the number alone cannot say which side was more desperate to get done.

XRP seven-day average spot volume, Binance (orange) versus all other tracked exchanges (purple), with price overlaid. Source: Amr Taha, CryptoQuant.

Coindoo covered the price breakdown itself in XRP’s failed breakout. The question here is what the exchange-level data shows about the trading around it, and the first thing it shows is that the rise was evenly spread. Binance’s spot volume grew 51.9% and every other tracked exchange combined grew 53.6%, so Binance’s share held near a quarter on both dates.

The deposits went to three exchanges and almost none to Binance

The split appears in the wallet data, not the volume data. On November 9, three exchanges each recorded their widest gap between depositing and withdrawing addresses since August 20, for a combined net reading of +4,744. Binance, the largest venue by turnover, registered +2.

Net depositing minus withdrawing XRP addresses, November 9, 2026. Source: Amr Taha, CryptoQuant.

CryptoQuant’s address-count metric counts addresses involved in exchange transfers. It does not weight them by the amount moved, so a hundred small deposits outscore one large one, and it does not say whether the coins were sold, parked or posted as collateral on arrival. What the count does fix is the location: the new wallet activity is on Coinbase, Bybit and Crypto.com, and it is not on Binance, even though Binance’s trading share never moved.

Daily net depositing-minus-withdrawing XRP wallets by exchange. The November 9 reading is led by Coinbase, Bybit and Crypto.com; Binance’s share is barely visible. Source: Amr Taha, CryptoQuant.

The timing points at a cause. Binance’s hot wallets were compromised on October 29, in what the exchange’s own statement put at roughly $6.3 billion in token assets, with a pledge to cover losses from company funds. Taha’s report adds a Binance-specific measure for the days that followed: cumulative whale net outflows, which had spiked to $1.045 billion after the breach, fell $356 million, or 34.1%, to $689 million by November 4. A falling cumulative-outflow figure means large-holder deposits outpaced withdrawals over that stretch – so the whales who pulled XRP off Binance in the first days after the hack had, on this measure, largely moved it back within a week.

Cumulative XRP whale net outflows by exchange in USD. The Binance line (orange) jumps after October 29 and reverses by November 4. Source: Amr Taha, CryptoQuant.

That leaves a two-tier picture on the deposit side: whale balances returning to Binance after the cover pledge, while the broad surge in depositing addresses went elsewhere.

Binance’s futures crowd is thinning, but dollars overstate it

A second CryptoQuant post, by CryptoOnchain, puts the 30-day average of XRP open interest on Binance at $453.6 million on November 8, the lowest for that average since September, with XRP at $1.11 in the same snapshot. The chart shows the average topping out a little above $510 million in mid-October and sliding since, a decline of around 11% from the peak.

30-day simple moving average of XRP open interest on Binance, all symbols, in USD, with XRP price overlaid. Source: CryptoOnchain, CryptoQuant.

The figure is a smoothed average, not the latest print, and it is expressed in dollars: CryptoQuant’s XRP market-data documentation confirms open interest is normalized into dollar terms. That matters here because XRP fell from about $1.25 on November 2 to $1.11 on November 8, an 11% drop in six days. A futures position of unchanged size loses 11% of its dollar value over that window with nothing closing at all. Allowing for the lag in a 30-day average, the fall in the series is within the range the price move alone could produce, so the dollar figure cannot say how many contracts were actually closed.

CryptoOnchain offers two candidate explanations and labels both unverified: forced closing of long positions after the price drop, or a loss of confidence in Binance derivatives after the hack. Open interest cannot separate them, because every long is matched by a short and the total shows only that exposure left, not which side left or why.

Even so, the direction lines up with the wallet data. The venue where depositing addresses barely rose is the same venue where leveraged exposure has been draining since mid-October.

What the two reports can’t show

Neither post includes the one series that would settle whether buyers are soaking up supply: spot trade direction. Buyer-initiated trades lift available offers; seller-initiated trades hit available bids. Heavy seller-initiated flow with a stable price points to patient buyers absorbing it; heavy buyer-initiated flow with no price progress points to supply being sold into every bid.

Two further gaps remain. XRP-denominated deposit volume would turn 4,744 addresses into a quantity, and open-interest data from other venues would show whether the Binance contraction is a Binance story or a market-wide one. Until then, the depositor and futures readings describe the shape of the activity, not its result.

Reading the split

Set the readings side by side and the volume headline looks like the least informative of them. Turnover rose evenly everywhere. New depositing addresses clustered on three exchanges and skipped Binance. Whale balances, after an initial exit, came back to Binance. Binance’s futures exposure thinned to a two-month low, at least partly because XRP itself got cheaper. The busier market is one in which retail-scale deposit activity has routed around the hacked exchange while large holders have not, and the price has yet to respond to either.

Whether the coins arriving on Coinbase, Bybit and Crypto.com are being bought or merely passed along is the open question, and the data to answer it is not in either report. The reading that would change the picture is a simple one to watch for: XRP holding its level through continued deposits and elevated turnover. New lows under the same conditions would point the other way.

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Data windows: spot-volume comparison, October 28 to November 9, 2026; address counts, November 9; whale net-outflow reading, November 4; futures moving average, November 8. Price figures are snapshots from the cited reports, not live quotes.

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