On-chain data indicates that XRP whales are moving their assets outside of centralized cryptocurrency exchanges. So what does this mean?
CryptoQuant data showed that whale-sized transfers, in particular, were increasingly carrying more weight in exchange outflows. On Binance, whale outflows accounted for 84.2% of total outflows on September 29th. This rate was equal to the level seen on August 21st, while the share of individual investors fell to 15%
A similar trend emerged when looking at centralized cryptocurrency exchanges in general. The share of whales in outflows increased from 78% on August 21st to 82% as of September 29th, while the share of individual investors decreased from 21% to 17% during the same period. Thus, the difference between whales and individual investors increased from 57 points to 65 points
XRP’s exchange reserves also supported this outflow trend. Binance’s XRP reserves decreased from 2.70 billion XRP to 2.63 billion XRP between September 26 and October 4. During this period, approximately 73.1 million XRP, or about 2.7% of the total reserves, left the exchange’s holdings
At South Korea-based Upbit, XRP reserves decreased from 6.44 billion XRP to 6.41 billion XRP between September 11 and October 5. This represents a reduction of approximately 31.6 million XRP in Upbit’s reserves
When the declines on both exchanges are considered together, it appears that a total of approximately 104.7 million XRP was withdrawn from Binance and Upbit’s reserves
CryptoQuant noted that the combination of increased whale-led outflows and a decline in exchange reserves could indicate a decrease in the supply of XRP available for sale on exchanges
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