XRP Whales Dominate Binance Withdrawals as Price Hangs in the Balance
XRP whales are on the move, driving more than 55% of Binance's daily withdrawals. According to data from CryptoQuant, these large holders withdrew significantly more XRP tokens from exchanges compared to retail traders and other market participants.
The whale wallets that moved over 1 million XRP tokens from Binance accounted for a substantial majority of all withdrawals, while sharks who bought between 100K and 1 million XRP represented another significant percentage. Meanwhile, on Coinbase, sharks accounted for 55.8% of withdrawals, and whales represented 15%.
This accumulation has contributed to the Exchange Supply Ratio falling to 0.03, meaning less XRP is available for immediate selling. This reduced sell-side pressure may have helped XRP remain above $1 after a significant token unlock.