XRP Outflows Spike as Binance Leads Exchange Withdrawals
Major XRP outflows have been observed across several exchanges, with Binance leading the way. According to CryptoQuant data, daily transfers of over one million XRP tokens spiked above 320 million, marking one of the largest recent exchange withdrawal spikes. This surge in outflows is reminiscent of a similar spike seen in August, which preceded an over 40% price increase for XRP.
Binance's XRP reserves fell by approximately 57 million tokens in just three days, dropping to around 2.647 billion XRP. Meanwhile, the exchange's open interest in XRP declined by 15.3% from its six-month high as traders reduced leveraged positions. This reduction in leverage is also reflected in lower funding rates, which dropped from 0.010 to 0.005 during the same period.
Notably, XRP ETFs have recorded cumulative inflows near $1.79 billion, indicating increased demand for the token despite traders reducing their leveraged exposure. The price of XRP has remained stable at around $1.50, up about 16% over two weeks but still down more than 47% over the past year.