XRP Whales Withdraw $165M from Exchanges, Will Selling Pressure Ease?

XRP whales withdrew a significant amount of XRP from major exchanges on September 11. According to CryptoQuant, the total value of XRP withdrawn was $165 million, which is the largest intraday withdrawal since February.

The withdrawals were concentrated on Binance, with transactions of at least 1 million XRP withdrawing 85.4 million XRP, worth around $115 million, accounting for about 70% of the total withdrawals. Other exchanges also saw large net outflows, including Bybit, OKX, and Upbit.

The price of XRP rose as high as $1.43 on September 11, but gave back gains to close at $1.35, still up 1.64% for the day. The market typically interprets large withdrawals as a factor that supports prices by reducing the amount available for selling on exchanges.

However, whether these withdrawals will lead to sustained holding or are just movement between exchanges remains uncertain. On-chain data detected large exchange withdrawals by whales, but it is difficult to conclude accumulation based on withdrawal volume alone.