Whales Pull 301,000,000 XRP From Four Exchanges

XRP reserves on Binance and other platforms have continued to decline, as large investors pull 301,000,000 (301 million) tokens from leading exchanges.

XRP has held above $1.48 despite the broader selling pressure in the cryptocurrency market. However, on-chain data shows that large holders have been moving significant amounts of XRP away from exchanges.

Investors pulled 301 million XRP from Binance, Coinbase, Bybit, and Bitget. The size of the withdrawals is noteworthy, as the predominant trend suggests large holders are taking their XRP off exchanges in preparation for longer-term positions.

Heavy XRP Outflow from Exchanges

Specifically, on Sept. 29, large XRP withdrawals jumped across Binance, Coinbase, Bitget, and Bybit. For context, the data only counts individual spot-exchange withdrawals of more than 1 million XRP, so it mainly captures activity involving large holders, not all users.

Binance recorded the biggest outflow, with approximately 151 million XRP leaving the exchange during the session. This accounted for roughly 50% of the combined 301 million XRP withdrawn from the four platforms. 

Meanwhile, Bybit followed with roughly 68 million XRP, while Bitget recorded 50 million XRP. Coinbase saw approximately 32 million XRP leave the exchange.

The fact that all four exchanges recorded large outflows makes the move worth noting, as withdrawals did not come from a single platform or point to an isolated event. 

Binance had already been showing signs of this trend before Sept. 29. Since around Sept. 21, the exchange recorded large XRP withdrawals across several sessions, with daily outflows reaching roughly 50 million to 90 million XRP. The Sept. 29 figure then pushed beyond that range.

Binance Reserves Declining

Binance’s XRP reserves provide another indication of the trend. Between Sept. 13 and 27, the exchange’s XRP holdings climbed from around 2.60 billion to 2.70 billion XRP. This represented an increase of roughly 100 million XRP over nearly two weeks.

However, the upsurge did not last long. Between Sept. 27 and 30, Binance’s XRP reserves dropped from 2.704 billion to 2.647 billion XRP. This amounted to a decline of approximately 56.88 million XRP, or about 2.1%, in only three days.

Essentially, while it took nearly two weeks for Binance to add roughly 100 million XRP to its reserves, more than half of that increase disappeared in less than a week. This shows that the latest withdrawals came much faster than the earlier buildup.

Large holders often move tokens away from exchanges when they intend to hold them rather than trade them immediately. 

If more XRP continues to leave exchanges and move into private wallets, the amount available for immediate trading could decline. This could make XRP more responsive to new buying pressure if demand increases.

XRP Chart Shows $1.54 as Trigger

The large withdrawals come as XRP approaches an important technical level. Market analyst Ali Martinez has identified a symmetrical triangle on the hourly chart, with XRP trading inside an increasingly narrow range as buyers and sellers continue to compete for control.

Martinez is watching $1.54 for confirmation of a breakout. According to him, XRP needs to close an hourly candle above this level before the market can confirm that the token has broken out of the triangle.

A confirmed move above $1.54 could open the door to a rally of roughly 10%, according to Martinez’s analysis. This would place the potential target near $1.70.