A higher reading indicates that whale-sized withdrawals account for a larger share of total outflows relative to retail-sized activity. However, the indicator does not establish that absolute whale withdrawals have increased, nor does it prove that large holders are accumulating $XRP.
Data tracking the indicator shows that Binance’s seven-day average climbed from 53% on Oct. 7 to 63.5% on Oct. 13, gaining 10.5 percentage points in six days.
In comparison, the All CEX reading, which tracks the same metric across centralized exchanges, increased from 46% to 47.7%, a gain of just 1.7 percentage points. This shows that Binance’s increase exceeded the broader market’s growth by approximately 6.2x.
Binance’s 63.5% reading creates a 15.8-percentage-point gap when compared with the 47.7% figure recorded across all centralized exchanges. Besides the size of the difference, the current situation resembles a pattern observed in early August.
Data from Early August
Notably, a similar divergence appeared on Aug. 3, when Binance recorded a Whale vs Retail Spread of 62%, while the reading across all exchanges stood at 44%. The resulting gap measured approximately 18 percentage points, with $XRP trading near $1.07 at the time.
Over the following weeks, $XRP climbed 46% to around $1.56. Although the earlier movement provides a useful point of comparison, it does not establish that the indicator directly caused or reliably predicted the rally.
The current gap of 15.8 percentage points sits just 2.2 points below the approximately 18-point difference recorded on Aug. 3.
Moreover, Binance’s latest spread rebuilt its advantage in just six days, and this suggested that whale-related outflows have gained relative prominence on the exchange much faster than across the broader market.
Where Things Stand Now
$XRP is also facing this structure from a higher price level than the one that preceded the August rally. Specifically, $XRP currently changes hands at $1.36 as of press time, compared with $1.07 when the August pattern emerged.
Additional on-chain data confirms that whales added 71 million $XRP over seven days at current price levels. This represented one of the more concentrated accumulation phases in recent months. Separately, CryptoQuant data showed that Binance recorded approximately 1.38 billion $XRP in whale outflows over 30 days, the highest reading in seven months.
These figures indicate elevated activity among large holders before the latest acceleration in Binance’s Whale vs Retail Spread.
