XRP, Mass Movement from Exchanges to Whale Wallets...Coinbase's Large Withdrawal Share 'Doubled'

▲ 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 shows that Coinbase's share of whale-sized XRP withdrawals has more than doubled in the past two weeks. However, the outlet reported that on-chain data does not show the final destination of the withdrawn XRP, making it difficult to conclude that it is a sign of accumulation or a short-term price rebound.

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

At Binance, the trend towards 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 share of whale withdrawals reaching 49.6% as of July 1. The outlet analyzed that while Coinbase is approaching Binance in terms of whale withdrawal share, 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, a decrease of 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 its lowest level since April 2026.

The recently decreased tracked holdings on Binance and Upbit combined amount to approximately 228 million XRP. In contrast, the XRP holdings of domestic exchange Bithumb showed a relatively stable trend, remaining 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 a decrease in exchange balances can have several meanings, such as movement to individual wallets, transfers between exchanges, or a reduction in the amount of immediately tradable XRP. He warned that a decrease in exchange holdings alone should not be interpreted as accumulation or a definitive bullish signal. Ultimately, the key is that for these whale withdrawals to boost XRP's price, actual demand must continue to support it.

[Article Key Summary]

-Coinbase's share of whale withdrawals of over 1 million XRP rose from approximately 10% on June 16 to 25.7% on July 1.

-Binance and Upbit recently saw a combined total of approximately 228 million XRP leave their tracked holdings.

-A decrease in exchange balances cannot be definitively concluded as an accumulation signal, and XRP's price impact 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.*