Three Bullish Factors Begin to Align for XRP as October Unfolds

XRP (XRP), like the broader cryptocurrency market, has seen price swings in October. Yet three positive indicators are now converging simultaneously.

Exchange supply is dropping as whale-driven withdrawals pick up. Spot exchange-traded funds (ETFs) continue accumulating, while a significant XRP treasury is heading to Nasdaq.

Exchange Inventories Decline as Whales Drive Outflows

Based on CryptoQuant figures cited by analyst Amr Taha, Binance’s XRP holdings slipped from 2.704 billion to 2.631 billion tokens between September 26 and October 4.

Upbit saw a reduction of 31.6 million XRP from September 11 to October 5. Combined, the two platforms offloaded roughly 104.7 million tokens.

Large-holder transactions dominated the withdrawals in that period. On Binance, whale outflow dominance hit 84.2% on September 29, while retail accounted for just 15%. Taha described this as indicating diminishing supply on trading platforms.

Santiment data shows one category of big investors growing over the same month. Wallets containing 10 million to 100 million XRP held 13.8 billion tokens as of October 6.

That is up from 12.48 billion on September 6. Most of the increase occurred in a single spike around September 24.

Meanwhile, social media mood turned bearish in October. Santiment’s bullish-to-bearish ratio for XRP dropped to 0.67 at the start of October, the lowest since August 17. The firm noted that deep pessimism can sometimes trigger a contrarian bounce, though it is not assured.

Institutional Demand for XRP Remains Steady

That negativity has not spread to institutional investors. XRP ETFs have logged net inflows for 12 straight weeks, according to SoSoValue data.

Since mid-July, Bitcoin (BTC) and Ethereum (ETH) ETFs each recorded three weekly outflows, while Hyperliquid (HYPE) ETFs had four.

However, the pace slowed last week. XRP funds added $4.74 million, compared with $75.6 million the prior week.

A 473 Million XRP Treasury Goes Public

Investors get another publicly traded way to access XRP this week. Ripple-supported Evernorth anticipates completing its merger with Armada Acquisition Corp. II on October 7. The merged firm could start trading on Nasdaq under the ticker XRPN the following day.

Evernorth expects to hold about 473 million XRP at closing, which would be the largest publicly traded XRP reserve. That holding is worth roughly 37% less than at the time of signing.

Armada’s shares, already listed as XRPN, rose ahead of the deal. The stock closed Monday at $38.65, a gain of 142.02% over five days, according to Google Finance data.

What XRP’s Price Needs Next

XRP itself trades at $1.51, down 1.36% on the day, per BeInCrypto Markets. The token closed higher in July, August, and September, posting a gain of more than 43% in the quarter.

Leverage has not kept pace with that rally. XRP open interest on Binance stands at $516.6 million, well below the $1.3 billion level of October 2025.

Recent technical analysis suggests a four-hour close above $1.53 could pave the way toward $1.62. The month’s upcoming catalysts include Evernorth’s listing, Ripple’s Swell conference, and the Federal Reserve’s October 27-28 meeting.