XRP recorded a sharp rise in large exchange withdrawals over a 48-hour window, with transfers exceeding one million tokens climbing from 54 million XRP on August 19 to 114 million on August 20 and then to 231 million on August 21, according to CryptoQuant analyst Amr Taha. That represents a 4.3-fold increase, or roughly 328%, and came as XRP’s price advanced from about $1.00 toward $1.50.
Binance and Coinbase contributed heavily to the outflows, though other platforms also participated. Large withdrawals are often interpreted as investors moving assets into self-custody or storage, potentially reducing sell-side supply on exchanges. However, CryptoQuant cautioned that outflows do not automatically confirm accumulation, since exchanges may reorganize wallets or shift tokens between custody addresses and other trading venues.
Futures activity also accelerated shortly after the withdrawal surge. Combined XRP futures volume across Binance, Bybit, OKX, and Bitget reached $11.37 billion on August 22, exceeding the February 5 peak by approximately 17.6%. Binance led with $5.63 billion, followed by Bybit at $2.35 billion, OKX at $2.04 billion, and Bitget at $1.35 billion. Bitget and OKX recorded the largest relative gains at 60.7% and 51.1%, respectively. While the sequence suggests stronger market participation, analysts noted that futures turnover includes both long and short trades, so open interest, funding rates, and wallet destinations are needed to confirm directional bias.
