South Korean $XRP traders have led the charge, as investors pull $XRP tokens off exchanges despite the latest price crash.
In the past seven days, traders have withdrawn more than $321 million from crypto exchanges, pointing to investor resilience amid the ongoing decline. Of this figure, Upbit, Korea’s largest exchange, accounts for the largest share at $135 million.
Key Points
- $XRP Investors have pulled more than $321 million worth of the token from exchanges over the past week.
- South Korean traders are leading the charge, having withdrawn $135 million in $XRP from Upbit.
- Exchange withdrawals often point to bullish investor sentiment, leading to reduced selloffs on these platforms.
- $XRP reserves on Upbit have collapsed this month due to these outflows.
- The trend comes despite $XRP’s latest struggles, as prices retest the $1 psychological mark.
Global $XRP Exchange Outflows Hit $321M
Data from market analytics resource Coinglass confirms this ongoing trend. Specifically, over the past week, global exchanges have recorded a combined net outflow of $321 million worth of $XRP tokens, as investors pull their assets off centralized trading platforms.
For context, when exchange outflows spike, it means large amounts of crypto are being withdrawn from exchanges into private wallets. This indicates that holders are moving to self-custody rather than preparing to sell, reducing the available supply readily available for selloffs.
Upbit Leads, Coinbase and Binance Follow
Of the $321 million total, Upbit accounts for the largest share, with $135.9 million worth of $XRP, or 42% of the global figure, flowing out of the trading platform within the past seven days. Over the last 24 hours alone, investors have taken off $11.35 million in $XRP from Upbit.
Meanwhile, Coinbase comes in at a distant second, having recorded $73.03 million worth of $XRP net outflows in the last week. Interestingly, on the daily timeframe, Coinbase has seen greater outflows than Upbit, with $14.67 million in $XRP flowing out of the trading platform over the past 24 hours.
Binance, the world’s largest crypto exchange by trading volume, has witnessed $60.93 million worth of $XRP outflows in the past week, representing the third-largest net outflow among global exchanges. Bybit and OKX saw $15 million each. Only Bitstamp (+$10.78 million) and Crypto.com (+$2.44 million) recorded inflows within this period.
$XRP Exchange Reserves Drop Despite Price Struggles
Due to these sustained outflows, $XRP reserves on multiple exchanges have continued to decline this month. According to data provided by CryptoQuant, a leading crypto data platform, Upbit’s $XRP reserves have dropped from 6.515 billion $XRP on May 30 to 6.497 billion tokens today.
Notably, this trend comes despite $XRP’s recent price struggles, which have resulted in consistent declines for the crypto asset. Specifically, the crypto market entered a renewed bearish phase this week, as Bitcoin (BTC) collapsed below $60,000. In response, altcoins like $XRP saw a massive crash.
From trading for $1.33 at the start of this month, $XRP has since dropped to $1.08 at press time, representing an 18.6% decline in June. The asset has seen five consecutive intraday losses this month and is on track to record a sixth one. Despite the decline, many traders have gone long, expecting an imminent rebound.
