New York, July 11, 2026, 13:23 (EDT)
The recent drop in XRP’s exchange supply looks less dramatic on some measures. One narrow gauge, tracking coins on select venues, showed balances down to about 1.6 billion XRP from 3.76 billion last October. But a broader scan found 15.68 billion XRP distributed over 22 exchanges on Saturday — nearly 10 times higher.
The gap is important since traders often view exchange outflows as coins leaving the market. But on-chain demand signals are falling. Daily active addresses dropped to 22,888 from a low 25,350, and new address creation, or network growth, fell to 2,130—its lowest level since November 2024.
Taken together, the data aren’t as bullish as that seven-year-low headline makes it sound.
| Indicator | Latest reading | Comparison |
|---|---|---|
| Narrow exchange-balance series | 1.60 billion XRP | Off 57.4% since October |
| Broader mapped exchange wallets | 15.68 billion XRP | 9.8 times what the narrow measure tracks |
| U.S. spot ETF custody | 964.5 million XRP | About 44.7% of the fall in the narrow series |
| Daily active addresses | 22,888 | Down 9.7% from 25,350 |
| New addresses | 2,130 | Fewest since November 2024 |
The exchange numbers aren’t apples to apples. They track different platforms, wallet tags and ways firms handle custody. The ETF share is about scale. It doesn’t mean those same funds got their coins straight from the exchanges in the stricter data set. According to the live dashboard, seven U.S. spot ETFs — which hold XRP for investors — had 964.5 million XRP locked up.
ETF inventory for XRP hasn’t tightened steadily. On July 8, inventory was 970.9 million tokens, after a net 4.3 million XRP were added from June 30 to July 8. That means holdings then dropped by about 6.4 million. The leftover decline on exchanges could be transfers to private wallets, unknown custodians, smaller platforms or shifts in wallet labels.
Bitwise CIO Matt Hougan said the ETF launch pointed to “significant demand for unique assets with unique return profiles.” He said most investors are using the funds as pieces of broader crypto portfolios. That kind of demand doesn’t have to match up with strong on-chain numbers: a brokerage customer can pick up an ETF share without ever opening an XRP wallet or making an on-chain transaction. Ripple
XRP stayed soft this week, trading close to $1.11 on Saturday. The latest 24-hour volume was down about a third from the previous day. XRP underperformed Bitcoin and Ether in the last seven days, but dropped about as much as Solana.
| Asset | Seven-day move |
|---|---|
| XRP | fell 5.2% |
| Bitcoin | gained 2.0% |
| Ether | added 1.7% |
| Solana | dropped 5.3% |
(Prices from CoinGecko)
U.S. ETF markets stayed closed Saturday, but XRP still traded. Looking to next week, the Senate has a 3 p.m. session set for Monday, July 13. There’s no CLARITY Act vote on the calendar. Reports point to a committee draft merging Banking and Agriculture, maybe coming sometime next week, with Senate movement possible late July. Democrats haven’t reached agreement on ethics rules.
David Nage, managing director and portfolio manager at Arca, said in June that the bill was “80–85% finished.” But he warned Senate calendar placement didn’t signal a final vote was close. Key points like committee language, ethics wording and DeFi protections for blockchain services without a central intermediary were still unresolved. ar.ca
But there’s risk on both sides. Exchange wallet data isn’t perfect—it can miss custodians, mislabel flows, or misread internal shifts as real withdrawals. Just because wallet activity is slow doesn’t mean demand is gone. A solid legislative win or a burst of ETF buying could push XRP if there’s truly less tradable supply. If policy stalls out and addresses keep trending below 25,000, the token stays reliant on current holders, not new money.
Next week’s clean test isn’t just another headline about exchange supply. What matters to investors now is a pickup in wallet creation, steady ETF custody, and XRP narrowing its gap with Bitcoin and Ether. For now, the scarcity story sticks to where tokens sit, not new buyers moving in.
