XRP hasn’t exactly been the life of the party this quarter. Among the top five large-cap coins, Ripple has posted the weakest return at 33.64%, while Solana has been cruising with gains north of 50%. To rub it in, SOL’s growth has been steady, averaging 11% a month, while nearly all of XRP’s quarterly performance came in one big July burst that pushed the token to $3.60.
That kind of lopsided action can frustrate holders—but sometimes it’s the calm before the storm. Historically, XRP’s quiet stretches often build into sharp rallies, and the current structure mirrors the conditions that preceded its 33% July run.
Coinbase’s XRP stash nearly wiped out
The more intriguing development isn’t on the price chart, but on Coinbase’s balance sheet. According to XRPwallets data, the exchange has slashed its XRP holdings by a massive 90% in just three months. Back in June, Coinbase controlled 970 million XRP across 52 wallets. Today, only six cold wallets remain, holding a modest 99 million XRP.
That kind of supply crunch doesn’t happen by accident. It suggests whales are pulling coins off exchanges, reducing available liquidity and setting the stage for potential upside if demand resurfaces. Interestingly, this reduction aligns closely with Ripple’s July spike and its tight consolidation range between $2.70 and $3.15 since then.
A tale of two strategies: SOL vs XRP
While Solana traders are going full throttle—driving open interest close to all-time highs—XRP’s derivative activity remains subdued, hovering under $10 billion. On paper, it looks boring. In reality, it signals tighter positioning, which often means less noise and more controlled accumulation.
That contrast is important. Solana’s aggressive OI shows traders are willing to chase momentum. XRP, meanwhile, looks like a patient game of accumulation, with investors stacking the dip quietly while waiting for catalysts like ETF approvals to light the fuse.
ETF hype and market timing
September hasn’t disappointed on the hype front. Both Dogecoin and Ripple are lining up for their first spot ETFs in the U.S. Dogecoin’s price has already popped 25% this month, showing speculative capital is circling again. Ripple hasn’t enjoyed the same immediate payoff—but its structural setup looks stronger, leaning on reduced supply, stable support, and relatively calm derivatives.
With these conditions, XRP may be deliberately underexposed compared to its peers. If the stars align in Q4, that underperformance could flip into catch-up mode, delivering the kind of parabolic run that rewards patient holders.
Looking ahead: patience could pay off
Ripple’s Q3 may have looked unimpressive next to Solana’s, but the mechanics behind the scenes—shrinking Coinbase reserves, steady support levels, and ETF anticipation—suggest the script isn’t finished. If past patterns repeat, XRP’s “boring” setup could transform into one of the quarter’s biggest surprises. For traders willing to wait it out, Q4 might finally hand XRP its moment in the spotlight.
