XRP Withdrawal Patterns Shift on Major Exchanges Amid Rising Reserves

Between September 30 and October 20, 2024, XRP withdrawal patterns on major cryptocurrency exchanges, including Binance and Coinbase, have undergone a notable shift. During this period, smaller XRP withdrawals increased their share of total outflows on Binance, while larger transfers decreased. Concurrently, XRP reserves on Binance, Upbit, and Bithumb have seen an increase.

Withdrawal Dynamics on Binance and Coinbase

On Binance, the share of XRP withdrawals below 10,000 XRP grew significantly, rising from 3% of the total outflow value on September 30 to 19.7% by October 20. This represents a 6.6-fold increase and marks the highest level since October 2024. In contrast, transfers exceeding 1 million XRP on Binance fell from 60% to 38.6% of the total outflow value over the same timeframe. Withdrawals between 100,000 and 1 million XRP saw a modest rise, increasing from approximately 24% to 27%. By October 20, outflows above 100,000 XRP constituted 65.7% of Binance’s total XRP outflow value.

Coinbase also experienced a change in its largest withdrawal category. The share of outflows involving more than 1 million XRP dropped sharply from 43% on September 30 to 12.5% on October 20, a decline of 70.9% in relative terms.

Accumulation of XRP Reserves

Alongside these shifts in withdrawal sizes, XRP reserves on major exchanges have been accumulating. Between October 5 and October 20, 2024, Binance’s XRP holdings increased from 2.60 billion to 2.66 billion XRP. Upbit reserves climbed from 6.41 billion to 6.45 billion XRP, and Bithumb reserves rose from 1.82 billion to 1.84 billion XRP during the same period. Collectively, these three exchanges added 120 million XRP, bringing their combined reserves to 10.95 billion tokens by October 20. Binance accounted for half of this increase in combined reserves.

Broader Market Context and Expert Views

These on-chain movements occur as XRP has experienced a price decline, losing more than 5% in the last seven days. Spot Exchange-Traded Funds (ETFs) providing exposure to XRP also saw net outflows of $1.84 million in the previous week, though they recorded zero net flows on Monday.

Despite the recent price dip and market turbulence, some analysts maintain a positive outlook. Vincent Van Code believes the past week’s sell-offs were part of a wider crypto shakeout that pushed weaker investors out, anticipating future all-time highs across the market. Another analyst, EGRAG CRYPTO, also holds a bullish view, suggesting XRP could reach between $7 and $9 at the cycle top, significantly above its predicted 2025 peak of $3.65.

It is important to note that October 20 readings remain subject to final daily confirmation. The observed changes in withdrawal sizes and the increase in exchange reserves highlight a complex picture of XRP’s market dynamics, occurring within a broader context of market volatility and ETF activity.

Why This Matters

The materials describe a narrow update: Between September 30 and October 20, 2024, the share of XRP withdrawals below 10,000 XRP on Binance increased significantly, while the share of transfers above 1 million XRP decreased. The final daily confirmation of October 20 readings.