XRP Whales Pull 104.7 Million XRP Off Binance and Upbit

Whale Share of XRP Outflows Climbs

XRP whales have been pulling their holdings off centralized exchanges at a rising pace, and on-chain figures show the shift is concentrated in the wallets big enough to move markets. CryptoQuant's exchange-flow record puts whale-sized transfers at 84.2% of all outflows from Binance on September 29, a share that matches the level recorded on August 21, while retail investors made up only 15% of the same stream. Taken across every centralized exchange in the dataset rather than a single venue, the whale share of withdrawals climbed from 78% on August 21 to 82% by September 29, and the retail portion slipped from 21% to 17%. The spread between the two cohorts widened from 57 percentage points to 65.

Outflow share is a blunt lens, but it identifies who is moving the coins. Balances parked on an exchange can be sold into the order book within seconds, whereas coins shifted to self-custody sit outside day-to-day trading unless they return, occasionally moving between ecosystems through cross-chain bridges. When whales dominate withdrawal volume, the departures are individually deliberate transfers rather than a crowd of small tickets. XRP, the native asset of the XRP Ledger, a layer 1 blockchain protocol, keeps much of its tradable supply on centralized venues, so the direction of these withdrawals feeds directly into how the XRP price is read. Supply consolidating into fewer, more deliberate hands is a recurring theme in recent XRP whale activity, and the latest reading extends the pattern rather than breaking it.

Binance and Upbit Reserves Shrink

Binance's own reserve line turns the share data into hard numbers. The exchange held 2.70 billion XRP on September 26; by October 4 the book had fallen to 2.63 billion, a decline of roughly 73.1 million coins, or about 2.7% of its XRP holdings. Upbit, which carries the larger XRP book of the two, saw reserves drop from 6.44 billion coins on September 11 to 6.41 billion on October 5, a decrease of about 31.6 million XRP. Combine the two windows and roughly 104.7 million XRP left the two exchanges inside the measurement period, with the withdrawals clustered in late September.

Exchange reserves are the stock of coins available for immediate sale, so a drawdown of this size trims the sell wall that sits in front of any rally attempt. The market-structure backdrop is not uniformly supportive: spot XRP ETF inflows slumped 94% to $4.74 million in the most recent reading, and the top-trader long ratio on coin collateral dropped 18 points in a day, both signs that demand-side positioning cooled while supply was migrating. Ledger-level build-out continues in parallel. Ripple's RLUSD has topped $2.5 billion in circulation on the XRP Ledger, part of a broader push to settle payments and real-world assets on-chain rather than through intermediaries. On the chart side, analyst Moustache still maps a $10 XRP path on a two-year wedge, a scenario that would require far more than reserve mechanics.

Sell-Side Supply in Focus

For COINOTAG's desk, the readings matter together: whale-weighted outflows plus shrinking reserves point to a smaller stock of XRP sellers can reach immediately, the interpretation the on-chain provider itself attaches to the data. Withdrawal records show where coins went, not why, and no holder statement has followed the September print. The series also ends quietly: through October 5 the reserve line sits at 2.63 billion coins on Binance and 6.41 billion on Upbit, with no second whale-led wave recorded after the late-September peak. Should bearish FUD resurface around supply overhang, the shrinking exchange balance is the counter-datapoint, and the next moves in XRP technical analysis will test whether thinner sell-side supply reaches price.