XRP Whale Withdrawals Double on Coinbase While Binance Remains Whale-Led

• Whale-sized XRP withdrawals on Coinbase climbed from roughly 10% to 25.7% in just over two weeks.
• Binance continued to record nearly half of all XRP outflows from transfers exceeding one million XRP.
• The data highlights changing exchange withdrawal patterns without revealing the final destination of the XRP.

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The changing outflow structure does not indicate whether the withdrawn XRP is moving into cold storage, custody solutions, or other destinations.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.