Binance and Upbit XRP Reserves Drop as Whale Activity Surges

Binance and Upbit, two major cryptocurrency exchanges, saw significant drops in their XRP reserves over separate reporting periods. Binance’s reserves declined by about 73.1 million XRP, or 2.7%, between September 26 and October 4, while Upbit’s holdings decreased by approximately 31.6 million XRP between September 11 and October 5. Together, these reductions totaled 104.7 million XRP.

Whale activity dominated the outflows on Binance, accounting for 84.2% of the withdrawals on September 29. This trend was consistent across centralized exchanges, where whale dominance rose from 78% to 82% over the same period. Retail participants, meanwhile, accounted for only 15% of the outflows on Binance and 17% across other exchanges.

Despite the decline in reserves, Binance recorded inflows of roughly 1.6 billion XRP over 30 days, the highest since March. Analyst PelinayPA noted that these inflows did not necessarily indicate selling pressure, as the data only showed deposits rather than actual sales. The mixed signals from rising inflows and falling reserves suggest a complex dynamic in XRP exchange activity.

Overall, the data points to elevated whale activity rather than a clear bearish signal for XRP. The combination of significant withdrawals and large deposits creates an uncertain outlook, emphasizing the need for caution before drawing definitive conclusions.