XRP Whales Move Almost $170 Million Off Exchanges in Seven-Month Withdrawal Spike

XRP whale transactions moved more than $165 million worth of tokens off major cryptocurrency exchanges on September 11, marking the largest daily withdrawal volume tied to large holders since February.

Data from CryptoQuant shows that transactions involving at least 1 million XRP drove most withdrawals across Binance, Bybit, OKX, Upbit, and other exchanges. The move came as XRP remained under pressure after reaching $1.69 in late August.

Notably, Binance accounted for the largest share of the activity. Transactions involving at least 1 million XRP withdrew 85.4 million tokens, worth roughly $115 million at the time. That represented nearly 70% of the total whale outflow recorded across the exchanges.

That said, the activity was not limited to the largest whale transactions. Binance also saw 16.38 million XRP, valued at about $22 million, leave through transactions involving between 100,000 and 1 million tokens. Another 9.6 million XRP moved out through transactions between 10,000 and 100,000 XRP.

Bybit recorded the second-largest whale withdrawal, with transactions involving at least 1 million XRP removing more than 20 million tokens worth approximately $27 million. OKX followed with about 7 million XRP, valued at $9.45 million, leaving through similar large transactions.

Meanwhile, Upbit also recorded significant whale activity, with transactions involving at least 1 million XRP and withdrawals of 6.1 million tokens worth about $9.15 million. Bithumb recorded another 4 million XRP in whale withdrawals.

CryptoQuant analyst CryptoOnchain noted that Binance experienced unusually high activity on both sides of the market on September 11. Inflows reached 91.23 million XRP, while outflows climbed to 113.91 million XRP, with both figures representing six-month highs.

The analyst described the session as gross rotation rather than net accumulation or distribution. Binance’s net flow was roughly 22.7 million XRP negative, while its seven-day average reserve remained relatively stable.

CryptoOnchain also pointed to a possible internal wallet migration or market-maker rebalancing, though the explanation remains unverified. The near-simultaneous surge in deposits and withdrawals makes it difficult to interpret the movement as a purely bullish or bearish signal.

“Flat reserve, cooling funding, and a two-sided liquidation flush create conditions that have historically preceded range extension more often than an immediate trend leg.” He stated.

Derivatives activity was similarly mixed. Open interest averaged about $476.7 million, while short liquidations reached $3.05 million on September 11. According to CryptoOnchain, the liquidation activity was two-sided rather than clearly directional.

For context, large exchange withdrawals can reduce the amount of XRP immediately available for selling if tokens are transferred to private or cold wallets. However, the simultaneous surge in inflows shows that the latest whale activity needs to be viewed alongside broader exchange flows rather than treated as a standalone accumulation signal.

At press time, XRP was trading at $1.57, reflecting a 6.07% surge in the past 24 hours.