Binance Dominated by Large XRP Transfers Amid Price Weakness

A recent analysis by CryptoQuant analyst Amr Taha found that Binance and Coinbase have differing patterns when it comes to XRP withdrawals. On August 3, transfers above 1 million XRP accounted for 55.3% of Binance's daily XRP withdrawal volume, a high not seen since June 30. In contrast, Coinbase had a higher share in the 100,000 to 1 million XRP band.

The analysis highlights a key difference between the two exchanges, with large transfers dominating withdrawals on Binance and smaller transactions driving withdrawals on Coinbase. Taha noted that this pattern has emerged at a similar price level to when it was previously seen in June.

When expanding the scope to all transfers of at least 100,000 XRP, both exchanges showed that large transactions were at the center of withdrawal activity. However, the size and frequency of these transactions differed between the two platforms.