XRP spot trading activity strengthened in August, with volume reaching its highest level since February, according to data from CryptoQuant. The pickup in activity came as XRP traded near $1.45 after gaining roughly 8% in 24 hours, while Bitcoin moved above $80,000 and the broader cryptocurrency market recovered.

XRP Trading Activity Reaches Six-Month High

CryptoQuant data showed spot XRP volume rising across exchanges in August. Binance led the month with $7.28 billion in spot trading volume, ahead of South Korea's Upbit at $4.68 billion and Bithumb Korea at $2.59 billion. The strong showing from Korean exchanges continues a pattern in which Upbit and Bithumb regularly rank among the largest venues for XRP trading, reflecting sustained retail interest in the token within South Korea's fiat-crypto market.

Bybit processed $1.40 billion, Gate.io handled $1.33 billion, and KuCoin recorded $1.23 billion. Bitget and Coinbase posted $918.5 million and $915.4 million, respectively.

Higher volume indicates that more buyers and sellers entered the market. While volume alone does not confirm price direction, stronger trading activity can improve liquidity.

XRP Price Rises With Broader Market

XRP traded around $1.45, with daily prices ranging between $1.35 and $1.48. The token gained more than 6% in 24 hours and 36% over the month, while its weekly increase stayed near 1.4%.

The move followed a wider market rebound. Bitcoin climbed above $80,000 after falling to near $76,200, while Ether approached $2,500 and BNB moved above $720. Like most large-cap altcoins, XRP has historically tended to move in sympathy with Bitcoin's direction, and the August recovery in the broader market provided the backdrop for XRP's monthly gain.

XRP nonetheless remained well below its July 2025 record near $3.65 and traded 49% below its level from a year earlier.

Separate CryptoQuant data showed Binance's 30-day average XRP reserves falling from 3.1 billion in November 2025 to 2.6 billion XRP, a level last seen around February 2024. The 500 million XRP decline represents the net change across the period rather than a single confirmed withdrawal. Lower exchange balances can result from customer transfers, custody changes, or longer-term holding.

CryptoQuant contributor Darkfost said the reserve trend may support a more positive long-term reading, though the analysis did not present the decline as a direct short-term price signal.

Spot XRP ETFs Add Demand

Spot XRP ETFs, which launched in late 2025, may have added another source of demand. Products from Bitwise, Canary Capital, Franklin Templeton, Grayscale, and 21Shares hold or track spot XRP. The launch of these US-listed products marked a shift in how institutional investors can gain XRP exposure, moving access from spot exchanges and futures markets into regulated fund wrappers.

Bitwise's XRP ETF reached $502.7 million in net assets by Aug. 27 and held nearly 364.8 million XRP, with holdings rising by 78 million XRP between June 30 and Aug. 27.

ETF purchases cannot be matched directly with the decline in Binance reserves, as funds can obtain XRP through exchanges, custodians, market makers, or over-the-counter transactions.

For readers tracking the trend, the data points to watch going forward include whether exchange volumes hold above August's level, whether Binance reserves continue to decline, and whether spot XRP ETF holdings keep expanding.

Source: CoinCentral