Foreign media, citing analysts, reported that while XRP has been fluctuating within a narrow range recently, on-chain fund flows have once again drawn market attention. The report noted that approximately 90 million XRP have been transferred out of public exchanges. This change, coupled with a significant decrease in large-scale transfers, has led to discussions about whether the circulating supply is tightening and whether subsequent volatility may increase.

The number of large transactions has declined significantly.

The report, citing Santiment data, stated that XRP transactions exceeding $1 million have dropped significantly in recent days, from approximately 157 to 67, a decrease of nearly 57%. In terms of price, XRP has recently been trading primarily between $1.29 and $1.50, with overall volatility narrowing.

Analysts believe that such low volatility ranges often indicate that the market is accumulating strength for a directional move. Unlike direct selling, what's more noteworthy is the cooling activity of large holders on public exchanges, which doesn't necessarily mean demand has disappeared.

Binance and Coinbase show divergent fund flows.

The report noted differences in withdrawal structures across different trading platforms. On Binance, there was an increase in large wallets transferring out more than 1 million XRP, indicating that larger amounts of funds are leaving the exchange. Coinbase, on the other hand, showed a greater shift towards medium-sized wallets, with more pronounced signs of retail funds.

According to this theory, institutional funds may prefer to accumulate larger amounts of XRP through Binance, while smaller investors will primarily participate through Coinbase. Analysts also suggest that some of the transferred XRP may flow to cold wallets, over-the-counter trading desks, or private institutional matchmaking channels, rather than being sold directly on the open market.

Market focus is on the $1.50 level.

Despite weak short-term sentiment, the report still mentioned that XRP network daily transaction volume is close to 2 million transactions, and institutional interest in cross-border payments has not cooled significantly. Analysts believe that the fundamental activity has not completely weakened.

However, this is still an external analysis and judgment, not a result that has been verified by the market. If the price effectively rises above $1.50, the market may focus on higher ranges; if it falls below the support level around $1.29, short-term pressure may rise again.