Whales Are Pulling XRP Off Exchanges at Record Speed: What the 228M Token Exodus Means for Price Near $1.09

On-chain data shows that these outflows are overwhelmingly whale-led, not retail-driven. On Binance, large holders accounted for approximately 91.4% of XRP outflows in early May, while retail comprised only about 8% ^2C. This is the highest whale outflow dominance since 2024 ^C. Analysts characterize the pattern as accumulation-style positioning to cold storage rather than speculative trading ^BC.

The Binance/Upbit figure is part of a much larger movement. Since June 3, XRP whales have withdrawn over 720 million tokens from exchanges, marking the largest sustained outflow by major holders since early February ^G. Looking further back, since October 2025, total exchange-held XRP supply has fallen from roughly 3.76 billion to about 1.66 billion tokens — a ~57% decline — driven by ETF custody migration, whale cold storage moves, and Korean exchange withdrawals ^2B.

Price Levels Near $1.06–$1.09: Subdued Despite Supply Squeeze

XRP has been oscillating around the $1.06–$1.09 zone in early July ^TB. This is well below its July 2025 high of approximately $3.65, representing a 64% decline over 12 months ². The massive outflows from exchanges have not yet produced a sharp price breakout — the price is up modestly but remains range-bound.

The pattern mirrors a November 2024 setup, when Korean exchange outflows preceded a 560% surge, but the current setup is complicated by broader bearish market conditions ^CB.

Mixed Market Signals: Bullish Structure vs. Cautious Timing

Bottom Line

The 228M token outflow from Binance and Upbit is part of a much broader, whale-dominated accumulation trend that has pulled hundreds of millions of XRP off exchanges over several months. This sharply reduces the liquid supply available for trading, which is historically a bullish structural setup. However, the price action near $1.06–$1.09 is subdued, reflecting that accumulation alone has not yet triggered a breakout. The market is waiting for a catalyst such as stronger ETF inflows, regulatory clarity, or a broader crypto rally. The signal is directionally bullish on supply dynamics but mixed on timing, with key price levels at $1.00 (support) and $1.30 (recent resistance) ^GB.