XRP Withdrawal Activity Reaches Highest Level Since June 2024 on Binance

XRP withdrawal transactions on Binance have overtaken deposits for several days, reaching their highest level since June 2024, according to an analysis by Cryptoquant. Over a seven-day rolling period, withdrawal transactions accounted for 53.8% of total XRP transaction activity on Binance, while deposit transactions fell to 46.1%. This represents a 7.7 percentage point divergence, with withdrawals consistently exceeding deposits for seven straight days starting June 17.

The metric tracks the share of deposit versus withdrawal transactions, not the volume or value of XRP moved, reflecting transaction frequency rather than capital flows. An elevated withdrawal share indicates that withdrawal transactions outnumber deposits, but it does not confirm net outflows or market direction. The divergence marks the widest visible gap near the end of the chart and persisted for a full week, pointing to a shift in exchange-use behavior, though volume and balance data are needed to assess net flows.

A broader view across exchanges reinforces this trend. In a separate analysis published on June 18, XRP withdrawal activity also strengthened on Coinbase, where the net depositing/withdrawing transaction reading moved deeper into negative territory. Bybit recorded the sharpest reversal, as its net depositing/withdrawing reading fell from roughly +27,000 on June 7 to around -200 by June 18, erasing most of its early-June deposit surge. Together, the data points to a broader shift in XRP exchange behavior during June, although the metric measures transaction counts rather than XRP volume or value transferred.

XRP has shown short-term weakness, trading near $1.10 on June 23 following a failed attempt to sustain upward momentum. Despite heavy Binance selling, XRP price held above its April stress zone.

Related articles: 12 Altcoins Flash Accumulation Signals as 6 Others See Exchange Inflows; Bitcoin Traders Defend $62,000 Support as $171M Liquidation Wave Hits Top Crypto; XRP Struggles Near $1.10 Despite Ripple’s EU Regulatory Milestone.

Source: https://news.bitcoin.com/xrp-withdrawal-activity-reaches-highest-level-since-june-2024-on-binance/