XRP is the only major cryptocurrency down this week, and on-chain data from Binance may explain why. But the real reason traders are watching closely has less to do with supply and more to do with what happens when Evernorth…
The Crypto Desk desk. Editor: Sam Daodu.
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The amount of XRP (CRYPTO:XRP) available for trading on Binance has surged to its highest level since January 2025, according to on-chain data firm CryptoQuant. On September 30, the XRP Scarcity Index for the exchange dropped to −0.94, leading traders to wonder whether this increased supply on Binance is contributing to XRP’s inability to climb much past $1.50.
As of October 2, 2026, XRP is trading at approximately $1.52, making it the only major cryptocurrency to decline over the past week, down by about 0.2%. In contrast, Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) each gained about 2%, while Solana (CRYPTO:SOL) rose about 5%.
Binance Holds Less XRP Overall, but More Is Ready to Trade
The scarcity index measures how much XRP is available for trading on Binance compared to historical levels. A high score indicates that XRP is scarce on the exchange, while a low score indicates a surplus. Recently, this index shifted dramatically, falling from 0.77 in July—its highest level in nearly two years—to −0.94 at the end of September.
Even so, the total volume of XRP held by Binance has decreased by about 20% since November 2024, even after whalestransferred 3.8 billion XRP to Binanceearlier in 2026. This drop suggests that while less XRP is available on the exchange overall, more has moved from cold storage into trading wallets, making it easier to trade.
XRP Ready to Sell on Binance Is Not the Same as XRP Being Sold
Having more coins ready for trading makes it easier to sell, but it still requires sellers to place orders and buyers to make purchases. The scarcity index only reflects the first part of this equation and doesn’t account for actual sales activity.
Additionally, exchanges hold XRP for purposes other than selling. Market makers—companies that help facilitate trades by posting buy and sell orders—also need access to coins. Furthermore, traders often post XRP ascollateralfor loans and leveraged positions. Therefore, the increase in tradable XRP might reflect market makers boosting liquidity rather than sellers preparing to offload their coins.
Traders Rotated Into Chainlink, Sui and Hedera While XRP Slipped
A clearer explanation for XRP’s recent struggles lies in the performance of smaller coins. Over the past week, Chainlink (CRYPTO:LINK) rose about 8%, Sui (CRYPTO:SUI) jumped about 18%, and Hedera (CRYPTO:HBAR) gained about 13%. This shift suggests traders are seeking quicker profits bymoving into smaller cryptocurrencies.
To sell XRP, traders must first transfer their coins to a trading wallet. This extra step reduces Binance’s scarcity reading and can also weigh on XRP’s price. Both indicators may stem from the same trend of traders rotating into smaller coins.
Evernorth Lists on Nasdaq on October 8 With 473 Million XRP
The next significant event comes on October 7, when Evernorth’s merger with Armada Acquisition Corp. II is scheduled to close, following shareholder approval on September 30. Evernorth plans tolist on Nasdaqunder the ticker XRPN on October 8, bringing with it approximately 473 million XRP, valued at about $719 million.
However, because Evernorth already holds these tokens, this listing won’t initially add new buying pressure. The 473 million XRP represents less than 1% of XRP’s total market value of $96 billion, so any fresh demand will come from investors buying more XRP.
Is Binance Supply Why XRP Is Stuck at $1.50?
Overall, while XRP’s supply on Binance helps explain why the price is stuck near $1.50, it is only part of the picture. More XRP is now ready for trading, but Binance holds less XRP than it did in late 2024. The rotation of investor interest into smaller coins is driving both the increase in available supply and XRP’s sluggish performance.
Whether the increased supply on Binance is truly holding XRP’s price at $1.50 will become clearer after Evernorth lists on October 8. If the scarcity index rises back toward zero following the listing and coins start to leave trading wallets, the supply concerns may ease. However, if XRPfalls below $1.50—around 1% lower than its current price—while the scarcity reading stays significantly negative, then the supply on Binance might indeed be contributing to increased selling pressure.
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Sam Daodu is a crypto analyst who’s spent nearly a decade making blockchain understandable—no easy task when most whitepapers read like fever dreams. He writes for 24/7 Wall St., covering Bitcoin, altcoins, and crypto market analysis for investors. Before crypto, he was a tech writer (back when explaining “the cloud” was peak innovation). Since 2018, he’s written for CoinTelegraph, Yahoo Finance, The Block, Cryptonews, Zypto, Rain, and more—basically anywhere people want crypto news without the headache. Sam runs MacLabs Marketing, a content agency for crypto brands tired of sounding like AI wrote their website. He also publishes free crypto education on his site for Web3 enthusiasts who think “gas fees” is a typo. When he’s not writing or staring at charts, Sam’s either: – Watching anime (currently convinced One Piece has better tokenomics than most altcoins) – At the gym sculpting himself into a Greek god – Listening to the music your mum warned you only bad boys listen to Connect: LinkedIn | Email | MacLabs Marketing
