XRP exchange-flow data shows Bybit’s month-long deposit streak ended around May 16 as Binance and Coinbase shifted into net withdrawal territory.
Something shifted in XRP’s exchange behavior around mid-May. Not dramatically. Quietly. The kind of change that only shows up when you’re tracking transaction-level delta across platforms.
According to on-chain data published by CryptoQuant, Bybit’s XRP Multi-Exchange Daily Depositing/Withdrawing Transactions Delta returned close to zero on or around May 16. That ended a stretch of persistent positive readings running from mid-April through mid-May. Roughly a month of coins consistently moving in.
What Bybit’s Deposit Streak Actually Meant
Deposits moving into exchanges carry a specific implication. Tokens sitting on a platform are more available for active trading or outright selling. That relationship is not absolute, but the directional read is well-established on-chain.
Bybit’s delta closing back toward zero means the previous imbalance faded. The analyst at CryptoQuant was precise about what this does and does not tell you: the metric tracks transaction count delta, not total token volume. The exact number of XRP moving in or out is not confirmed by this data. What the data does confirm is that the behavioral direction changed.
Source: CryptoQuant, published by Amr Taha
The chart from analyst Amr Taha, shared on CryptoQuant, shows the multi-exchange breakdown visually. Bybit’s stacked bars, which dominated the deposit side of the chart through the April to May window, have compressed sharply. The purple Bybit section simply stopped stacking up.
Binance and Coinbase Went the Other Way
While Bybit cooled, two other exchanges moved in the opposite direction. Binance and Coinbase both shifted back into negative territory on their transaction deltas. Withdrawal transactions started outweighing deposit transactions on both platforms.
That is a different kind of signal. Tokens leaving exchanges generally suggest holders moving supply into private custody. The CryptoQuant data does not specify whether those are long-term holders, institutional wallets, or retail. It just shows the direction of the flow.
What that does for the XRP picture is notable. The broad deposit pressure that characterized mid-April through mid-May, and that was mostly Bybit-led, is no longer the story. The data has rotated. Bybit deposit activity cooled. Binance and Coinbase started seeing stronger withdrawal-side behavior at the same time.
Separate on-chain analysis published on livebitcoinnews just yesterday noted that whale withdrawals from Binance have been building steadily since early May. Derivatives leverage on XRP dropped to a six-month low. Both happening together. The structural read is that sell-side fuel has been draining from more than one angle.
The rotation across exchanges matters because it changes the surface area of potential selling. A single-exchange deposit surge is concentrated. When it ends and two major venues simultaneously swing toward outflows, the dynamic is not the same as it was six weeks ago.
XRP was trading near $1.37 at the time the Bybit delta compression became visible. The price context matters. A month of deposit-side pressure at Bybit did not crater the token, but it did place consistent supply into a tradeable position.
That supply appears to have stopped arriving. What replaces it, per the CryptoQuant data, is withdrawal activity on the two exchanges most watched by institutional and retail participants globally.
The analyst framing from the CryptoQuant report was careful. The change in direction is notable. Not a confirmed bullish trigger. A behavioral shift that removes a pressure source while adding a counter-signal.
