$XRP whale transactions recently pulled out more than $165 million from exchanges, marking the largest intraday figure since late February.
While the $XRP price has continued to face selling pressure from the bears after hitting the $1.69 high in late August, on-chain data indicates that whale transactions have become rather dominant on exchanges, skewing more toward withdrawals.
Binance Leads as $XRP Whale Outflow Hits 7-Month High of $165M
According to data sourced by CryptoQuant, a leading on-chain analytics resource, whale transactions worth 1 million $XRP and above moved more than $165 million from top exchanges such as Binance, Bybit, OKX, and Upbit on Sept. 11.
Notably, this represents the highest intraday withdrawal figure linked to these transactions since late February. As expected, most of this volume came from Binance, which witnessed outflows worth 85.4 million $XRP or $115 million that day. This accounted for nearly 70% of the total figure recorded across all exchanges.
Interestingly, Binance also recorded large outflows from transactions involving smaller amounts. Specifically, the exchange saw transactions worth 100,000 to 1 million $XRP pull out 16.38 million $XRP valued at $22 million. Meanwhile, transactions involving 10,000 to 100,000 $XRP moved 9.6 million $XRP from the exchange.
OKX, Bybit and Upbit See Similar $XRP Outflows
While Binance saw most of the whale outflows, other exchanges, including Bybit, OKX, Bithumb, and Korea’s largest exchange Upbit, also recorded similarly large withdrawals.
Notably, Bybit came in second on the list, with transactions worth 1 million $XRP and above pulling out a little above 20 million tokens valued at $27 million from the trading platform. In addition, those worth 100,000 to 1 million $XRP withdrew nearly 6 million $XRP, while transactions involving 10,000 to 100,000 tokens pulled out 3.5 million $XRP.
As for OKX, the exchange saw withdrawals worth 7 million $XRP, or $9.45 million, from whale transactions valued at 1 million $XRP and above. Meanwhile, transactions worth between 10,000 and 1 million tokens withdrew a combined 5.38 million $XRP on Sept. 11.
Upbit saw less dramatic withdrawals than others, but whale transactions involving 1 million $XRP and above still pulled out 6.1 million tokens worth $9.15 million from the platform. In addition, a combined 6.78 million $XRP flowed out from transactions worth between 1,000 and 1 million tokens. Meanwhile, Bithumb’s whale withdrawals stood at 4 million $XRP.
How Could This Impact the $XRP Price?
Interestingly, $XRP’s price saw a sharp intraday upswing to $1.43 amid these withdrawals, before pulling back sharply to close Sept. 11 at $1.35. Despite the sudden correction, $XRP closed the day with a 1.64% increase, breaking what would have been a 3-day losing streak.
Such large withdrawals typically support an asset’s price action by reducing selling pressure on the respective exchanges, especially if the traders involved pulled their balances to cold wallets for long-term storage. However, it’s not always this straightforward.
Moreover, on-chain data further indicates that whale inflow transactions also spiked on Sept. 11 across multiple exchanges. Nonetheless, withdrawals, worth more than $165 million in $XRP, largely outpaced these deposits.
