XRP Whale Outflows Continue On Binance — What’s Happening?

According to recent on-chain data, large investors in the XRP market seem to be adjusting their positions. Further analysis suggests that if XRP finds favorable alignment with the current conditions, it could be at the start of a larger upside rally.

44 Million XRP Leave Binance Late In February

In a Quicktake post on CryptoQuant, market analyst Amr Taha shared that there have recently been major withdrawals of XRP tokens from Binance, the worlds largest cryptocurrency exchange by trading volume. This outflow trend is based on the Multi Exchanges Daily Whales Netflow metric.

For context, this metric monitors the daily net flows of XRP held by whale wallets across 15 major crypto exchanges (all of which Binance leads in trading volume). Positive readings from the metric indicate that XRP is moving into the exchanges; on the other hand, negative netflows signal an efflux of XRP from these exchanges.

According to the analyst, there has been a significant increase in negative netflows from the Binance platform. This is also reflected in the chart shared below, where, as of February 27th, about 44 million XRP tokens flowed out of Binances whale wallet addresses.