Moves by big investors in the XRP market appear to have slowed.

The Crypto Basic, a blockchain outlet, reported on July 30 that CryptoQuant analyst PhelineyPA said both deposits and withdrawals by XRP whales on Binance fell sharply.

The key is that both large-scale buying and large-scale selling have weakened at the same time. In particular, transfers of 100,000 to 1 million XRP and more than 1 million XRP fell noticeably from 2024 and 2025 levels. Large outflows from exchanges are generally interpreted as moves for long-term holding, but this decline differs from that kind of bullish signal.

Exchange deposits showed the same pattern. Cases of large XRP inflows to Binance also dropped sharply. That means whales are also not moving tokens to exchanges to sell aggressively. Short-term selling pressure is therefore lower than in past market phases.

Even so, it is difficult to interpret this as an immediate signal of a shift to bullishness. PhelineyPA assessed that there is currently little sign of aggressive accumulation or large-scale distribution selling in the market. The market has entered a "waiting phase," and with falling liquidity and weak trading, XRP is in a situation where it is hard to form a clear trend in either direction.

This trend is clearer in the decline in XRP transactions exceeding 1 million tokens. With both deposits and withdrawals down, it is possible to interpret that major holders are effectively not moving. By contrast, transactions of 1,000 to 10,000 tokens still accounted for most network activity. That suggests market participation is centered on retail investors.

The issue is that past XRP bull markets relied more heavily on whales' large transactions than on retail investors. PhelineyPA said XRP is likely to remain in a relatively quiet range until institutions or large holders return with new funds.

The derivatives market is sending a similar signal. CryptoQuant analyst Arab Chain said Binance XRP futures open interest fell to about $370 million, the lowest level since 2024. Binance's overall derivatives market remains active, but that means leverage positions tied to XRP have shrunk.

Arab Chain said uncertainty grew after the U.S. Federal Reserve's recent policy decision, prompting traders to close XRP leverage positions. A drop in open interest does not directly imply an advance or a decline, but it is read as a sign the market has become more cautious. It can reduce liquidation risk, but also means confidence has weakened.

A key point to watch will be whether the spot price and futures open interest rebound together. Arab Chain said a recovery in both indicators could signal new funds are flowing back in. If the decline continues, it raises the possibility that the XRP market's wait-and-see stance could last longer.