The 6th-largest cryptocurrency with a market cap of more than $62.6 billion, XRP, is seeing sharp withdrawal activity from most centralized exchanges around the world. Notably, XRP withdrawals have hit an extreme level not seen since at least 2019.
XRP withdrawals see sharp surge
According to exchange data received on Friday, XRP withdrawals from exchanges like Binance have recently hit a 7-year high. Binance withdrawal transactions have increased to 56.85 percent, while all other CEX transactions’ proportion has climbed to 54.9 percent.
The following chart confirms the findings. It also shows that while withdrawal transactions have shot up, deposit transactions are seeing a downtrend. Deposit transactions on Binance have fallen to 43.12 percent, while on other CEXs, they have crashed to 45 percent.
The divergence between XRP withdrawal and deposit transactions is particularly prominent on Binance. The gap on the leading crypto exchange by reported trading volume has swollen up to 13.73 percentage points – compared with around 9.9 percentage points across other CEXs.
Since the metric is calculated based on a 7-day basis, the move reflects a sustained shift in sentiment rather than a single-day spike.
At the same time, the simultaneous extremes across Binance and the wider CEX market suggest that the change is market-wide rather than exchange-specific.
That said, it’s worth pointing out that the data measures the share of transaction count, instead of XRP transfer volume. As a result, by itself, it does not confirm net outflows or accumulation behavior.
XRP continues to consolidate in low $1 range
XRP has been forming a stable base around the $1 price area, with the latest showing that there are less chances of sharp liquidation-based swings in the short-term. Overall, there’s a general bullish tilt toward XRP, despite it crashing more than 71 percent from its ATH.
Exchange data from July 22 showed that whales are loading up on XRP, even though retail investors continue to sell.
On the daily chart, XRP’s next major resistance level lies around the $1.15 price zone. If demand keeps up, expect XRP to take another stab at breaking through this stick resistance zone.
