Data from CryptoQuant shows a decrease in XRP reserves on major exchanges. Between September 26 and October 4, Binance saw its balance drop from 2.704 billion to 2.631 billion XRP. Upbit reported a loss of 31.6 million tokens between September 11 and October 5. Analysts attribute this to whale-sized outflows, which accounted for 84.2% of activity on Binance on September 29.
Large holders owning between 10 million and 100 million XRP increased their collective holdings from 12.48 billion on September 6 to 13.8 billion tokens by October 6. Despite this accumulation, social media sentiment remains pessimistic, with the bullish-to-bearish ratio falling to 0.67 at the start of October, the lowest level since August 17.
Institutional interest persists through XRP ETFs, which have recorded net inflows for 12 consecutive weeks. Last week, these funds added $4.74 million. Additionally, Evernorth is set to finalize its merger with Armada Acquisition Corp. II on October 7. The entity expects to hold 473 million XRP and begin trading on Nasdaq under the ticker XRPN on October 8.
Shares of Armada, trading as XRPN, closed at $38.65 on Monday, marking a 142.02% increase over five days. Meanwhile, the price of XRP stands at $1.51, following a 43% gain during the third quarter. Open interest on Binance is currently $516.6 million, significantly lower than the $1.3 billion recorded in October 2025.
