- Large XRP holders quietly removed $42,000,000 worth of tokens from exchanges
- Korean exchanges led XRP withdrawals while Binance absorbed incoming liquidity
- On-chain data showed redistribution rather than panic-driven XRP selling
Crypto analyst Leonidas spotlighted a sharp XRP exchange outflow after new on-chain data revealed a sudden supply shift, with about 22 million XRP leaving major exchanges in one week, valued at over $42,000,000.
According to the analyst, the review covered only wallets holding at least 1 million XRP, which effectively removed retail activity and focused the analysis on whale and institutional behavior. Rather than spreading evenly, the XRP withdrawals clustered around a few key exchanges, shaping market interpretation around redistribution dynamics instead of liquidation pressure.
Korean Exchanges Account for the Largest XRP Withdrawals
Attention quickly turned toward South Korean exchanges following the data release, as Upbit recorded the most significant decline with an estimated 35 million to 38 million XRP leaving its exchange wallets. Additionally, Bithumb followed with another major reduction of about 20 million to 22 million XRP, and together these platforms represented the bulk of the observed XRP outflows.
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Such withdrawals often indicate asset relocation rather than immediate selling intentions, since large holders typically move funds off exchanges when short-term liquidation risk appears low. Moreover, the absence of matching inflows across several regional exchanges reinforced this interpretation, as the data pointed toward selective repositioning rather than a broad risk-off move.
Binance Sees XRP Inflows as Liquidity Rebalances
However, the XRP supply did not leave the exchange ecosystem entirely, as Binance recorded a strong inflow estimated between 25 million and 30 million XRP during the same period. Consequently, a portion of the XRP withdrawn from Korean exchanges appeared to shift toward larger global platforms, while Crypto.com also posted moderate inflows of roughly 8 million to 10 million XRP.
Besides these exchanges, balance changes elsewhere remained relatively small, with Coinbase, Kraken, Bitbank, and Bitvavo showing only minor XRP reductions. This pattern highlighted redistribution rather than liquidation, as liquidity appeared to consolidate where trading depth and market access remain strongest.
On-Chain Data Supports Supply Tightening
Importantly, Leonidas sourced the information from xrpscan.com, which tracks balances directly on the XRP Ledger and improves transparency while reducing estimation errors. By focusing exclusively on wallets holding at least 1 million XRP, the data filtered out retail activity and delivered clearer insight into institutional and whale behavior.
Meanwhile, XRP prices remained relatively stable throughout the exchange balance shifts, supporting the view that the $42,000,000 withdrawal reflected controlled liquidity management. Overall, the movement of 22 million XRP off exchanges signaled a quiet restructuring of supply that often develops beneath the surface before broader market signals emerge.
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