XRP wallet activity has shifted sharply toward the withdrawal side across several major exchanges.

On August 17, Coinbase’s 7-day net depositing/withdrawing wallet count fell to -14,300, its most negative reading since July 2024. The metric first moved below zero on July 12, suggesting the imbalance has persisted for more than a month rather than reflecting a single-day spike.

The shift is also visible across other major exchanges.

Binance recorded -3,270 net wallets, while

Crypto.com reached -2,680, with both moving into negative territory around July 18.

The strongest signal, however, comes from Coinbase’s share of the broader market imbalance.

On August 18, Coinbase accounted for 47.3% of the total absolute 7-day net wallet imbalance across tracked exchanges, the highest level since July 2024. The dominance metric measures each exchange’s absolute net wallet imbalance relative to the combined imbalance across all tracked venues.

At the same time, Upbit’s share declined from roughly 40% in June to 12%, while Binance recovered from near 0% on July 16 to around 10%.

The data shows that XRP withdrawing wallets now outnumber depositing wallets across several major exchanges.

This gap is particularly pronounced on Coinbase, where the 7-day net wallet count reached -14,300, meaning significantly more wallets were involved in XRP withdrawals than deposits.

Similar negative readings on Binance and Crypto.com indicate that the withdrawal-side shift is occurring across multiple trading venues, while Coinbase alone now accounts for 47.3% of the total tracked net wallet imbalance.

Written by Amr Taha