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Large XRP holders appear to be withdrawing their holdings from major exchanges, with recent data pointing to notable activity on Binance.
According to CryptoQuant analytics, roughly 44 million XRP was moved out of whale wallets on the exchange on February 27, marking one of the largest withdrawal events in recent weeks. The withdrawal came after an earlier one of around 30 million XRP on February 6, indicating two major outflows within the same month.
CryptoQuant’s multi-exchange whale NetFlow metric tracks the daily movement of XRP held by large investors across 15 major exchanges. Positive NetFlow indicates coins flowing into exchanges, which can signal potential selling pressure. Negative NetFlow reflects coins leaving exchanges, typically interpreted as bullish because the available supply for trading declines.
The latest surge in negative NetFlow from Binance suggests whales may be repositioning their holdings off exchanges, a move that can tighten circulating supply if demand remains steady.
Coincidentally, sentiment around XRP is mixed. Data from CoinMarketCap shows the token up 4.22% over the past 24 hours, trading near $1.44 and slightly underperforming the market. The decline has been largely attributed to institutional selling pressure through spot exchange-traded funds.
Meanwhile, U.S. spot XRP ETFs recorded an outflow of approximately 11.85 million XRP, valued at about $16.62 million, as part of a broader $456 million outflow from U.S. spot crypto ETFs that also included Bitcoin, Ethereum, Solana, and Chainlink.
The ETF outflows come as former Ripple CTO David Schwartz recently acknowledged frustration with the asset’s price performance, responding, “the whole crypto market makes me sad…” when asked whether XRP’s sluggishness was discouraging.
That said, one analyst warns that XRP could briefly drop below $1 before a larger rebound. The market structure suggests the token may retest support near $1.35 if ETF selling pressure persists, while a daily close above $1.45 would invalidate the bearish setup.
The general altcoin market remains subdued. The Altcoin Season Index tracked by CoinMarketCap stands at 41/100, indicating Bitcoin Season conditions.
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Source: https://zycrypto.com/large-xrp-holders-reduce-exchange-exposure-amid-mixed-sentiment-and-etf-outflows/
