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XRP’s price chart hasn’t given holders much to celebrate since the token peaked near $1.69 in late August. But beneath the surface, a different story is playing out — and it involves some of the biggest wallets in the market quietly walking away from exchanges.
On-chain analytics firm CryptoQuant reports that whale-sized XRP transactions — those moving 1 million tokens or more — pulled over $165 million off major exchanges on September 11. That’s the largest single-day withdrawal of this size since late February, a signal that shouldn’t be brushed aside even as XRP continues to trade well below its recent highs.
Binance Leads a Broad Exodus
The bulk of the movement traced back to Binance, which alone saw 85.4 million XRP — roughly $115 million — leave the platform that day. That’s close to 70% of the entire withdrawal total across all exchanges tracked.
Binance’s outflows weren’t limited to the whale tier, either. Mid-sized transactions, those between 100,000 and 1 million XRP, accounted for another 16.38 million tokens leaving the exchange, worth about $22 million. Smaller wallets moving 10,000 to 100,000 XRP added a further 9.6 million tokens to the exit count.
Other major venues followed the same pattern, if on a smaller scale. Bybit saw over 20 million XRP withdrawn from its largest transaction tier, worth roughly $27 million, plus additional outflows from mid-sized wallets. OKX recorded $9.45 million in whale withdrawals, while Upbit — South Korea’s biggest exchange — moved out 6.1 million tokens worth about $9.15 million. Bithumb rounded out the list with 4 million XRP in whale outflows.
Also Read: XRP Holders Have 118 Days to Get Their Tax Records in Order — Here’s Why It Matters
Price Reaction Was Muted, Then Reversed
Despite the scale of the withdrawals, XRP’s price didn’t immediately take off. The token spiked intraday to $1.43 before slipping back to close the day at $1.35 — still enough for a 1.64% daily gain that snapped a three-day losing streak.
That disconnect between heavy withdrawal activity and modest price movement is worth noting. Large-scale exchange outflows are often read as bullish, since tokens moving to cold storage typically signal reduced intent to sell. But CryptoQuant’s data also flagged a spike in whale deposits into exchanges on the same day — meaning the picture wasn’t one-sided.
What It Means Going Forward
Even with competing inflows, withdrawals still outpaced deposits by a wide margin on September 11. Whether this marks the start of a longer accumulation trend or a one-off shuffle of funds remains unclear. What is clear is that XRP’s biggest holders are actively repositioning at a moment when the broader market remains cautious — and that kind of activity tends to draw attention regardless of what price does next.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
