[Digital Today reporter Jinju Hong] An analysis has suggested that the XRP market has entered a liquidity balance phase after a recent rise, with buying and selling forces locked in a tight standoff. As long and short liquidations and funding rates have both fallen to neutral levels, whales have reduced exchange deposits while positions have increased in the futures market, suggesting the market is waiting for its next direction.

According to blockchain media outlet Decrypt on Monday (local time), CryptoQuant data showed XRP long liquidations on Binance at about 103,055 XRP, while short liquidations across all exchanges were about 121,820 XRP. Binance funding rates also held steady near zero, indicating market participants are not placing excessive leverage on either direction.

Such moves typically appear after major volatility has passed and the market is waiting for new material. The current balance alone does not show a clear advantage for either gains or declines, but with the market compressed, an influx of fresh buying or selling could raise price volatility, the analysis said.

Movements by whale investors have also slowed noticeably. CryptoQuant analyst Arab Chain (아랍 체인) assessed that XRP whale inflows to Binance over the past 30 days were about 947 million XRP, the lowest level in the past two months. That is a 34.4 percent drop compared with about 1.45 billion XRP at the end of June.

Deposits by large holders to exchanges are generally interpreted as a sign of preparing to sell. The decline means whales have reduced the amount sent to exchanges, suggesting selling pressure has eased or they may be choosing to hold assets in personal wallets. If market demand recovers, this trend could act as a positive factor for XRP prices, it said.

In contrast, sentiment in the spot and futures markets is diverging. Another CryptoQuant analyst, CryptoOnchain (크립토온체인), assessed that spot trading in XRP has contracted sharply, while positions in the futures market have been steadily increasing.

Over the past week, exchange inflows fell 99.1 percent versus the weekly average, and outflows also dropped 99 percent. Deposit activity on Binance also declined 97.6 percent, indicating spot trading has slowed significantly.

In the futures market, investor positions are increasing. XRP open interest rose 5.9 percent to 423.8 million, and the market leverage ratio reached its highest level in recent periods.

Prices, however, moved between $1.086 and $1.113 for about two weeks, and trading volume fell 54.6 percent from the previous week. CryptoOnchain interpreted this as investors gradually building positions in anticipation of future market changes, rather than making aggressive bets.

Neutral funding rates are also seen as a sign that market participants are waiting for a new catalyst rather than betting heavily on either a rise or a fall.

XRP is trading around $1.14. It is up 6.2 percent over the past week and 7.33 percent over the past month, but is still down about 37 percent year-to-date.

The industry has assessed that the XRP market is showing a structure in which buying and selling pressure are balanced, whale activity has declined and spot trading has shrunk, while positions are gradually accumulating in the futures market. A clear direction is not yet visible, but if new market material emerges, accumulated positions could quickly tilt to one side and expand volatility, it said.