XRP's exchange reserves have fallen to a seven-year low of 1.6 billion tokens, representing a 50% decline from the October 2025 peak of 3.76 billion tokens. According to latest market data, this dramatic reduction in tradable supply has occurred while seven US spot ETFs have quietly accumulated more than 970 million XRP, representing nearly $1 billion in assets held in custody. The token is currently trading near $1.13, down approximately 70% from its July 2025 peak of $3.65, despite the tightening supply conditions. On Binance alone, the largest trading venue, reserves have dropped 20% since November 2024 to about 2.6 billion tokens, pushing the Scarcity Index to its highest reading in more than two years. The exchange reserves now represent under 3% of circulating supply and under 2% of total supply, marking a remarkably thin float for a top-six asset by market value.
Women investors have emerged as significant participants in India's crypto futures market, accounting for over 13% of traders according to a report by Giottus analyzing its 1.3-million-strong customer base during the September 2025-May 2026 period. As reported by The Economic Times, women traders demonstrated lower leverage compared to male counterparts, with average leverage remaining below 10x. The report also revealed that women traders showed a stronger preference for XRP, Bitcoin, and gold-linked assets, indicating more conservative investment approaches. According to Giottus CEO Vikram Subburaj, this trend points to a broader shift in Indian crypto trading behaviour, with leveraged products no longer driven mainly by metro traders, and smaller-city participation now emerging as a major force in crypto derivatives activity.
Coinglass data shows roughly $402 million in 24-hour spot volume against about $2.25 billion in futures volume, with open interest around $2.35 billion and about $8.3 million in liquidations over the prior day. Bitcoin and Ethereum remain the main market anchors, with BTC dominance at 58.2% and ETH dominance at 9.9%. While XRP's setup has improved, the numbers still don't answer the main question about demand. Futures look much more balanced than they did during the washout, although derivatives still dominate XRP's visible turnover. ETF demand has been steady in recent flow windows, but its scale remains too small to settle the question on its own, with XRP spot ETFs taking in $22.99 million during the June 22-26 period. The current market structure provides a better starting point than during the late-June stress, but sustained strength requires balance between open interest that doesn't outrun spot buying, positive ETF flows across several reports, and custody balances that show real XRP accumulation rather than secondary-market churn.
Tamil Nadu emerged as the dominant regional market, contributing 46.6% of all futures traders and accounting for 59.26% of the platform's total futures trading volume. Kerala followed with 10.23% of total trading volume, according to the Giottus report. The data indicates that smaller-city participation is now emerging as a major force in crypto derivatives activity, with futures participation showing strong acceleration with 42.5% growth in February, 28.5% in March, 35.3% in April, and 30.3% in May. As Vikram Subburaj noted, India's crypto participation story is becoming geographically broader with increasing engagement from smaller cities in products that were once viewed as niche or high-complexity.
Recent institutional flow data shows mixed signals for XRP's institutional adoption. From June 22 to June 26, U.S. spot Bitcoin ETFs lost about $1.79 billion and U.S. Ethereum ETFs lost about $273.5 million, while XRP spot ETFs took in $22.99 million during the same period. CoinShares' June 1 fund-flow report showed digital asset investment products saw $1.67 billion of outflows, with Bitcoin losing $1.438 billion and Ethereum losing $257 million, but XRP was one of the few altcoins with meaningful positive demand, drawing $20.3 million. The Franklin XRP ETF S-1 states the fund is structured as a grantor trust holding XRP with Coinbase Custody Trust Company serving as custodian, with total net assets of $230.71 million as of June 7. ETF demand becomes a dominant price force only when net creations are persistent enough to go against the rest of the market, making these flows crucial for sustained XRP price movements. The most important shift is psychological - during the capitulation phase, XRP's market was defined by traders who wanted to sell, after the wipeout it's defined by who actually wants to buy.
