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Large $XRP holders played a much bigger role in exchange withdrawals during the second half of June, with Coinbase recording a sharp increase in million-token transfers while Binance continued to be dominated by large transactions.
The changing outflow structure does not indicate whether the withdrawn $XRP is moving into cold storage, custody solutions, or other destinations. However, the data shows that whales accounted for a growing share of exchange withdrawals as $XRP traded near the $1.05 level.
Coinbase Sees Sharp Shift Toward Whale Withdrawals
CryptoQuant analyst Amr Taha highlighted a notable change in Coinbase’s $XRP outflow composition between mid-June and July 1.
Transfers exceeding one million $XRP represented about 10% of Coinbase’s total outflow value around June 16. By July 1, that figure had climbed to 25.7%, more than doubling in just over two weeks.
Meanwhile, transactions between 10,000 and 100,000 $XRP accounted for 10.2% of total outflow value, while transfers ranging from 100,000 to one million $XRP remained the largest category at 56.1%. Withdrawals below 10,000 $XRP represented only 7.8% of the total value.
The data suggests that while medium-sized transfers still dominated Coinbase by overall share, the fastest growth came from whale-sized withdrawals. That shift indicates large holders became increasingly active during the second half of June, even as $XRP’s price remained under pressure.
Notably, the chart shows $XRP falling steadily from above $2.20 at the beginning of the year to roughly $1.05 by the end of June, meaning the increase in whale withdrawals occurred during a prolonged market correction rather than a price rally.
Related: Citi Slashes Bitcoin and Ether Targets as ETF Outflows Reshape Crypto Outlook
Binance Remains Dominated by Million-$XRP Transfers
Binance presented a different picture. Instead of recording a sudden increase, whale-sized withdrawals remained consistently dominant throughout the period.
According to the CryptoQuant data, transfers exceeding one million $XRP accounted for 49.6% of Binance’s total outflow value by July 1. That means nearly one out of every two dollars’ worth of $XRP leaving the exchange came from million-token transactions.
The remaining outflow structure was considerably smaller. Transfers between 100,000 and one million $XRP represented 25.2%, followed by 14.7% for transactions between 10,000 and 100,000 $XRP. Withdrawals below 10,000 $XRP accounted for 10.2%.
Unlike Coinbase, where whale activity accelerated over a short period, Binance maintained a relatively stable distribution led by large holders throughout much of the first half of the year.
Related: $XRP Will Bottom at $0.86 Before Rebounding to $9—Analyst
Exchange Flows Show Growing Whale Presence
Even so, Coinbase experienced a rapid increase in whale participation, while Binance continued to process a withdrawal mix already heavily concentrated among million-token transfers. Smaller transactions lost relative share across both exchanges as larger transfers became increasingly prominent.
The exchange data alone does not confirm investor intent or reveal where the withdrawn $XRP ultimately moved. Nevertheless, the trend highlights that larger market participants accounted for an increasing proportion of $XRP leaving centralized exchanges, particularly on Coinbase, where whale-sized withdrawals expanded significantly over a relatively short period.