XRP whale transactions recently pulled out more than $165 million from exchanges, marking the largest intraday figure since late February. While the XRP price has continued to face selling pressure from the bears after hitting the $1.69 high in late August, on-chain data indicates that whale transactions have become rather dominant on exchanges, skewing more toward withdrawals.
Coinbase, America's largest crypto exchange by trade volume, suddenly saw its XRP balance increase by $7.74 billion worth of tokens. This is according to a new disclosure from XRPScan, a leading XRPL block explorer.
XRP trading activity increased massively in August, with spot trading volume on top crypto exchanges like Binance reaching its highest level in six months. This shows that interest in XRP has picked up after a period of weaker activity.
Binance XRP reserves have fallen to their lowest monthly average since February 2024, with roughly 500 million XRP leaving the exchange over the past year. The decline comes despite XRP posting a nearly 30% gain over the latest month.
XRP price is facing long-term selling pressure at $15 and $32 as whales on Binance and Coinbase place major sell walls at those levels as the price resumes its rally. CryptoQuant author CW said Binance whales had previously established a sell wall extending to $15, and that the liquidity remains in place.
XRP whales have increased their activity on Binance, with more than 231 million XRP withdrawn from the exchange in a single day. This movement coincided with the cryptocurrency’s market capitalization surging by $44 billion over three days.
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