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XRP’s largest holders are increasingly routing transfers through Binance rather than Coinbase, with transactions above 1 million XRP now accounting for 52.9% of Binance’s total XRP outflows, up from 47%, while equivalent transfers on Coinbase have collapsed from 31% to 10%, according to CryptoQuant analyst Amr Taha.
The emerging trend has fueled debate about what the changing flow of funds could mean for liquidity, market sentiment, and the future direction of XRP prices.
According to CryptoQuant analyst Amr Taha, the latest exchange flow data highlights a growing divergence between Binance and Coinbase, with Binance becoming the preferred platform for large XRP transfers.
Recent data shared by Taha shows that transactions involving more than 1 million XRP represented 52.9% of Binance’s total XRP outflows as of June 9. That figure marks a notable increase from 47% recorded previously.
Meanwhile, transfers ranging between 100,000 and 1 million XRP also expanded their share of exchange outflows. Combined, transactions above 100,000 XRP now account for nearly 80% of Binance’s total XRP withdrawals.
The surge in large transfers suggests that institutional investors and high-net-worth holders remain actively engaged with the asset despite broader market uncertainty.
“The divergence between Binance and Coinbase is particularly noteworthy because exchange outflows can provide insight into where large market participants are choosing to operate,” Taha explained in his analysis.
The rise in XRP whale outflow activity on Binance indicates that significant holders continue to remove substantial amounts of tokens from the exchange. While such movements do not automatically imply bullish sentiment, they often signal strategic positioning by larger investors.
Market observers note that when large amounts of cryptocurrency leave an exchange, the available supply for immediate trading may decrease. If sustained, this dynamic can sometimes influence market liquidity and price behavior.
While Binance has experienced rising whale participation, Coinbase has witnessed the opposite trend.
CryptoQuant’s data shows that Coinbase outflows exceeding 1 million XRP dropped dramatically from 31% to just 10%. Transfers ranging from 10,000 XRP to 100,000 XRP also declined significantly, falling from 27% to 16%.
The contrast paints a clear picture: large XRP holders have not disappeared from the market, but their activity is increasingly being routed through Binance instead.
This evolving XRP whale outflow pattern suggests a reallocation of trading and custody preferences among major market participants. Analysts caution, however, that the data does not necessarily indicate accumulation or distribution.
Instead, it highlights a change in where whales are choosing to move their assets.
Should Binance reserves continue shrinking while elevated XRP whale outflow levels persist, the exchange could see a reduction in available XRP supply. Such developments are often monitored closely because they can precede notable market movements.
Beyond exchange activity, on-chain analytics firm Glassnode has identified additional indicators suggesting that XRP’s broader market environment remains under pressure.
In a recent update posted on X, Glassnode reported that XRP’s 90-day realized profit-to-loss ratio has fallen to 0.38. A reading below 1 indicates that investors are collectively realizing more losses than profits, often a sign of market stress or capitulation.
The analytics firm also highlighted a steep decline in network usage.
According to Glassnode, transaction fees paid on the XRP Ledger fell from approximately 5,900 XRP in February to around 500 XRP recently. That represents a decline of roughly 91.5%.
The drop suggests that speculative activity has cooled considerably since earlier peaks in the year.
“Periods where realized losses dominate and network activity weakens often reflect a reset in market participation,” Glassnode noted.
The decline in network engagement contrasts sharply with the increase in XRP whale outflow transactions observed on Binance, creating a mixed picture for analysts attempting to gauge investor sentiment.
While retail participation appears to have slowed, larger holders continue moving substantial amounts of XRP across exchanges and wallets.
Despite signs of weakening network activity, some market commentators believe XRP may be approaching an important turning point.
Market analyst BankXRP recently pointed to falling open interest levels, noting that derivatives activity has returned to ranges last seen before the previous major bull run.
According to the analyst, such conditions could indicate that institutional investors are quietly rebuilding positions before a broader market recovery.
That view aligns with the continued increase in XRP whale outflow activity, which some traders interpret as evidence that large holders remain engaged despite short-term price weakness.
Not everyone shares that optimism.
Technical analyst CasiTrades identified a major support zone around $1.09 and warned that XRP still faces significant resistance near $1.19 and $1.27.
According to the analyst, failure to reclaim those levels could leave the current correction intact and potentially open the door for a deeper decline toward $0.90.
For now, investors are watching exchange flows, network activity, and price levels closely. The growing concentration of XRP whale outflow transactions on Binance has become one of the most closely watched developments in the XRP ecosystem.
Whether the trend ultimately signals accumulation, strategic repositioning, or simply a shift in exchange preference remains unclear. What is evident, however, is that the latest XRP whale outflow data has added a new layer of intrigue to an already complex market landscape.
As XRP navigates a challenging environment marked by weakening network metrics and uncertain price action, the behavior of its largest holders may provide some of the clearest clues about where the market heads next.
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