XRP Whales Flee Exchanges as Over $165 Million Worth of Tokens Withdrawn

XRP whales made significant moves on September 11, withdrawing over $165 million worth of tokens from major cryptocurrency exchanges. This marked the largest daily withdrawal volume tied to large holders since February.

Data from CryptoQuant shows that transactions involving at least 1 million XRP drove most withdrawals across Binance, Bybit, OKX, Upbit, and other exchanges.

Binance accounted for the largest share of the activity, with transactions involving at least 1 million XRP withdrawing 85.4 million tokens worth roughly $115 million at the time. This represented nearly 70% of the total whale outflow recorded across the exchanges.

CryptoQuant analyst CryptoOnchain noted that Binance experienced unusually high activity on both sides of the market on September 11, with inflows reaching 91.23 million XRP and outflows climbing to 113.91 million XRP. The net flow was roughly 22.7 million XRP negative.

CryptoOnchain described the session as 'gross rotation rather than net accumulation or distribution.' He also pointed to a possible internal wallet migration or market-maker rebalancing, though the explanation remains unverified.