XRP
XRP Declines 9% Despite Large Exchange Outflows by Major Holders
Significant withdrawals of XRP from Binance and Upbit failed to prevent a price drop as heavy deposits maintained selling liquidity on exchanges.
Whale addresses withdrew roughly 105 million XRP, valued at around $147 million, from exchanges Binance and Upbit between mid-September and early October, according to CryptoQuant data. Despite these outflows, XRP fell 9% over a week to trade near $1.40 on October 9, standing 62% below its all-time high of $3.65.
CryptoQuant figures show Binance's XRP reserves decreased by approximately 73 million tokens between September 26 and October 4, while Upbit registered 32 million XRP in withdrawals between September 11 and October 5. Santiment data noted that addresses holding between 10 million and 100 million XRP increased their collective holdings to 13.8 billion tokens, largely driven by a single sharp rise around September 24.
The report highlights that exchange inflows offset the impact of the withdrawals. Binance received approximately 1.6 billion XRP in deposits over a 30-day span, representing its highest monthly inflow volume since March and ensuring abundant liquidity for market sellers. Consequently, net exchange balances declined by only 2.7% during the period.
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