XRP Exchange Withdrawals Hit Five-Year High Amid Price Rebound

The XRP token has seen a significant surge in exchange withdrawals, reaching a five-year high on Binance and a near-record level across all centralized exchanges.

According to data from CryptoQuant analyzed by Amr Taha, the seven-day XRP withdrawal transaction share on Binance hit 55.6% on July 31, while the broader industry saw a 54% withdrawal rate, also a five-year high.

The surge in withdrawals coincided with XRP's price retesting a multi-year support level of between $1 and $1.05, which could help ease its year-to-date selling pressure.

With XRP still trapped in a bear market, characterized by lower highs and lower lows on the weekly time frame, a potential bottom may be forming amid reduced Binance reserves.