Binance Dominates Large XRP Withdrawals Amid Price Weakness

A divide emerged between Binance and Coinbase regarding XRP withdrawals.

The Crypto Basic reported that transfers above 1 million XRP on Aug. 3 accounted for 55.3 percent of Binance's daily XRP withdrawal volume, while the share for the same band on Coinbase was 15 percent.

CryptoQuant analyst Amr Taha analyzed on-chain data and found that large transfers were active on both exchanges but differed in their composition: Binance was led by transfers above 1 million XRP, while Coinbase had a higher share in the 100,000 to 1 million XRP band.

This marks the highest share for transfers above 1 million XRP on Binance since June 30, when it accounted for about 56 percent of daily withdrawal value and XRP traded around $1.04.