XRP, Massive Movement from Exchanges to Whale Wallets...Coinbase's Large Withdrawal Proportion 'Doubles'

▲ XRP

As XRP rapidly moves out of major exchanges, the movement of whale wallets has once again emerged as a key market variable.

According to The Crypto Basic, a cryptocurrency specialized media outlet, on July 2 (local time), CryptoQuant data showed that the proportion of whale-sized XRP withdrawals from Coinbase more than doubled in the past two weeks. However, the outlet reported that it is difficult to conclude this as a sign of accumulation or a short-term price rebound, as on-chain data does not show the final destination of the withdrawn XRP.

According to CryptoQuant analyst Amr Taha, large transfers of over 1 million XRP accounted for approximately 10% of Coinbase's total XRP withdrawals on June 16. However, by July 1, this proportion jumped to 25.7%. In just over two weeks, the share of whale withdrawals more than doubled, indicating an increased influence of large holders.

On Binance, the trend of large transfers was even more pronounced. During the same period, transfers of over 1 million XRP consistently accounted for nearly half of Binance's total XRP withdrawals, with the proportion of whale withdrawals reaching 49.6% as of July 1. The outlet analyzed that while Coinbase is approaching Binance in terms of whale withdrawal proportion, Binance has been dominated by large transfers in its withdrawals for a much longer time.

A decrease in exchange holdings is also notable. Binance's XRP balance decreased from approximately 2.78 billion XRP on May 12 to 2.61 billion XRP on July 2. This is a reduction of about 170 million XRP, over 6%, and the lowest level since March 2026. Upbit's XRP balance also decreased from approximately 6.515 billion XRP on May 30 to 6.457 billion XRP on July 2, marking the lowest level since April 2026.

The recently decreased tracked holdings on Binance and Upbit amount to a combined total of approximately 228 million XRP. In contrast, the XRP holdings of the domestic exchange Bithumb showed a relatively stable trend at around 1.84 billion XRP. The outlet pointed out that these withdrawals are movements concentrated on specific exchanges rather than a uniform trend across the entire market.

Taha explained that the decrease in exchange balances can have several meanings, such as movement to individual wallets, transfers between exchanges, or a reduction in the immediately tradable XRP supply. He warned against interpreting a decrease in exchange holdings solely as a sign of accumulation or a definitive bullish signal. Ultimately, for these whale withdrawals to boost XRP's price, sustained actual demand must continue to support it.

[Article Key Summary]

-The proportion of whale withdrawals of over 1 million XRP from Coinbase increased from approximately 10% on June 16 to 25.7% on July 1.

-A combined total of approximately 228 million XRP recently moved out of tracked holdings on Binance and Upbit.

-A decrease in exchange balances cannot be definitively concluded as an accumulation signal, and the impact on XRP's price depends on sustained demand.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*