Large XRP holders are making up the share of withdrawals from major cryptocurrency exchanges.Â
New CryptoQuant data shows whale outflows have surged on Coinbase, while XRP reserves on Binance and Upbit have dropped to multi-month lows.
The on-chain data shows large amounts of XRP are leaving exchanges. However, it does not reveal where those tokens are going, meaning it cannot confirm accumulation or signal an imminent price rally.
Coinbase Whale Withdrawals More Than Double
According to CryptoQuant analyst Amr Taha, whale-sized XRP withdrawals from Coinbase have increased notably over the past two weeks.
On June 16, transfers of more than 1 million XRP accounted for about 10% of Coinbase’s total XRP outflow value. By July 1, that share had climbed to 25.7%.
Essentially, in just over two weeks, the share of whale withdrawals more than doubled. The data suggests large holders are playing a much bigger role in XRP leaving the U.S.-based exchange.
Binance Still Led by Large XRP Transfers
Meanwhile, Binance showed a different pattern. During the same period, transfers of more than 1 million XRP consistently accounted for nearly half of the exchange’s total XRP outflow value. By July 1, whale withdrawals made up 49.6% of all XRP outflows.
The comparison suggests Coinbase is moving closer to Binance in terms of whale withdrawals. However, Binance has been dominated by large transfers for much longer.
The data does not show where the withdrawn XRP is ultimately sent. Still, it highlights that larger holders now account for a greater share of exchange withdrawals.
Binance and Upbit Reserves Hit Multi-Month Lows
In a separate analysis, Taha said XRP reserves on Binance and Upbit have declined significantly in recent weeks.
Binance’s XRP balance fell from about 2.78 billion XRP on May 12 to 2.61 billion XRP on July 2. That represents a decline of roughly 170 million XRP, or more than 6%. It is also Binance’s lowest XRP reserve since March 2026.
Upbit also recorded lower reserves. Its XRP balance dropped from about 6.515 billion XRP on May 30 to 6.457 billion XRP on July 2, a decline of roughly 58 million XRP. That is the exchange’s lowest reserve level since April 2026.
Combined, Binance and Upbit have seen about 228 million XRP removed from their tracked reserves during the recent drawdown.
Lower Reserves Are Not Necessarily Bullish
On the other hand, South Korean exchange Bithumb maintained relatively stable XRP reserves at around 1.84 billion XRP. This suggests the withdrawals are concentrated on certain trading platforms and not an overall market trend.
Taha said lower exchange balances can have several explanations. Tokens may be moving to private wallets, transferred between exchanges, or simply reducing the amount of XRP immediately available for trading.
He also cautioned against treating lower reserves as clear evidence of accumulation or a guaranteed bullish signal. Whether the withdrawals support XRP’s price will depend on continued demand.
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