XRP withdrawals are shifting toward smaller transfers, changing how tokens move across exchanges, according to CryptoQuant data. On Binance, XRP withdrawals of less than 10,000 XRP grew from 3% to 19.7% between September 30 and October 20.
Meanwhile, the number of exchanges where token moves exceeded one million XRP dropped from 60% to 38.6%. Coinbase recorded a steeper decline, with large-transfer shares falling from 43% to 12.5%. This shift reflects declining whale dominance in exchange transactions and highlights a slowdown in large-holder transfers rather than active retail-led accumulation.
Whale outflows plunge
Since February 2025’s peak of $3.5 billion, when XRP was trading near $3.3, Binance’s 90-day average whale outflow has plummeted to $49.7 million, its lowest value since October 2021. Whales are now transferring fewer XRP off Binance, possibly indicating lower accumulation interest at current prices.
Unless whales start showing renewed interest in purchasing XRP, it will be challenging for XRP to maintain past recoveries, especially considering growing reserve totals. However, without continued whale-sell-outflow volume, this does not mean additional declines are inevitable. Should prices become attractive enough again, whale-buying activity could signal a change in market trend direction.
Supply share rebounds
XRP’s whale outflows remain subdued, but Binance supply share is recovering, raising fresh concerns about potential selling pressure. In October, supply share had fallen to 2.49 before rebounding to 2.66. This indicates that Binance presently holds a larger share of XRP supply, providing an even larger pool of available tokens for traders.
On the other hand, daily XRP-Ledger transaction counts have grown by approximately 14.78%, totaling roughly 2.49 million. Transaction growth occurred after relatively strong levels of transactions existed during late August and early September.
Still, increased transaction counts do not confirm the directionality of either purchases or sales. Should exchange supply continue to grow and XRP become weaker, sellers will likely take advantage and create an increased influence upon markets. Yet, prolonged levels of high network activity combined with subsequent price recoveries would suggest improved demand and better overall participation within markets.
Summary
Ripple [XRP] exchange reserves rose by 120 million tokens as smaller withdrawals gained share, increasing potential selling pressure. XRP whale outflows fell to a five-year low of $49.7 million, while rising Binance supply could limit recovery without stronger demand.
