XRP whale activity on Binance has climbed to a level last seen in October 2024, as large holders account for a growing share of the tokens leaving the exchange.
The development has drawn investor attention because similar readings in the past came before significant increases in XRP price.
XRP Whale Activity Spikes
For context, the indicator behind this development is the Binance Whale vs. Retail Spread. It measures the difference between outflows involving large XRP holders and those involving smaller investors.
Specifically, it compares whale outflows of more than 10,000 XRP with retail outflows of less than 10,000 XRP, then calculates the difference between their respective dominance levels.
A higher reading means large holders account for a greater share of total exchange outflows than retail participants.
On Nov. 4, the spread climbed to 98.4% on Binance, its highest reading since Oct. 15, 2024. The figure was considerably lower across the wider market, with the combined reading for all centralized exchanges standing at 65.1%. This shows that the increase in whale outflow dominance has been particularly strong on Binance.
October 2024 Levels Previously Came Before a Major XRP Rally
The latest reading has attracted attention from the XRP community because of what happened the last time the indicator reached similar levels.
Notably, in October 2024, whale outflow dominance returned to a level comparable to its current reading. XRP subsequently recorded a rally of more than 525%.
Another similar development occurred in June 2025. On that occasion, a rise in the indicator came before XRP recorded a 71% price increase.
Both instances suggest that a massive increase in large-holder outflow dominance can precede a strong recovery, although neither guarantees that the current market will follow the same path.
For now, XRP is trading around $1.27 after losing nearly 16% in October. The asset has also struggled to regain the $1.30 level, and this leaves it under intense selling pressure despite the increase in whale-related outflows.
Binance Security Breach Contributed to the Large Outflows
The latest increase in whale activity also comes against the background of a major security breach involving Binance.
On Oct. 29, transactions involving more than 1 million XRP reached 283 million tokens. This activity pushed Binance’s whale netflow down to -226 million XRP, marking one of the largest single-day outflows in the exchange’s history.
The figure was 2.72x greater than the previous record of -83 million XRP, which Binance recorded in September 2022.
However, the outflow did not result from a wave of investors selling their XRP or deliberately moving away from the asset. Notably, an attacker withdrew nearly $300 million in XRP from Binance during a major security breach.
Binance began restoring its withdrawal services in stages on Nov. 1, including XRP withdrawals. Activity picked up after the exchange resumed these services, with large-transfer outflows reaching 80 million XRP. This represented a 5.44-fold increase from the 14.7 million XRP recorded on Oct. 30.
Binance Records 297M XRP in Whale Outflows Within Seven Days
Besides the movements linked to the security breach, Binance’s cumulative whale outflow data shows that large holders continued withdrawing XRP over a wider period. Between Oct. 28 and Nov. 4, the indicator increased from 399 million XRP to 696.1 million XRP.
The difference amounts to 297.1 million XRP, representing a 74.5% increase in just seven days. This suggests that large holders were already moving substantial amounts of XRP away from Binance before the Oct. 29 incident and continued doing so afterward.
The movement of XRP away from exchanges could have implications for selling pressure. When holders transfer their tokens into private wallets or cold storage, those assets are no longer immediately available for spot selling on exchanges.
If this trend continues, it could reduce the amount of XRP readily available for sale and ease some short-term selling pressure.