XRP Whales Pull Millions Off Exchanges in Major Outflow Trend

Data from CryptoQuant reveals a growing trend of large-scale withdrawals of XRP from major cryptocurrency exchanges. On September 29, whale-sized transfers dominated outflows on Binance, accounting for 84.2% of the total, a rate matching the level observed on August 21. Meanwhile, the share of individual investors in outflows dropped to just 15%. This pattern extended to centralized exchanges in general, where the share of whale-led outflows rose from 78% on August 21 to 82% by September 29, while individual investor participation fell from 21% to 17%.

XRP’s exchange reserves also reflected this outflow trend. Binance’s reserves of XRP decreased from 2.70 billion to 2.63 billion between September 26 and October 4, with approximately 73.1 million XRP, or 2.7% of total reserves, withdrawn during this period. Similarly, South Korea-based Upbit saw its XRP reserves decline from 6.44 billion to 6.41 billion between September 11 and October 5, a reduction of about 31.6 million XRP. Combined, these withdrawals totaled approximately 104.7 million XRP from Binance and Upbit.

CryptoQuant highlighted that the combination of increased whale-led outflows and declining exchange reserves suggests a potential decrease in the supply of XRP available for sale on exchanges. This development could have implications for the token’s market dynamics, though it is important to note that this observation does not constitute investment advice.