XRP is showing a widening gap between its spot and derivatives markets. Spot buying has reached its strongest level since early June, while leveraged traders on Binance continue increasing bearish bets.
Bitcoin saw a broad wave of exchange outflows on July 20, with nearly $686 million worth of BTC leaving major trading platforms. CryptoQuant contributor Amr Taha highlighted this record in a recent commentary.
XRP withdrawal activity on Binance has climbed to its highest level in at least two years. According to a new on-chain analysis by CryptoQuant contributor Amr Taha, the exchange is now recording a significantly larger share of withdrawal transactions than of deposits.
Binance's XRP reserves have dropped to their lowest level since February, according to CryptoQuant data shared by Arab Chain. The decline suggests a continued reduction in the amount of XRP held on the world's largest cryptocurrency exchange.
Large XRP holders are making up the share of withdrawals from major cryptocurrency exchanges. New CryptoQuant data shows whale outflows have surged on Coinbase, while XRP reserves on Binance and Upbit have dropped to multi-month lows.
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