What to Know:
- XRP withdrawals reached their highest level since June 2024.
- Withdrawal transactions dominated deposits on Binance for seven days.
- Falling deposit activity suggests investors prefer external wallet storage.
A notable shift has emerged among XRP holders on Binance as withdrawal activity continues to outpace deposits by a wide margin. In a recent post, CryptoQuant analyst Amr Taha revealed that XRP withdrawal transactions had climbed to their highest level in a year, suggesting that investors are increasingly moving their holdings away from the exchange.
XRP Withdrawals Reach Highest Level Since June 2024
According to data shared by Taha, XRP withdrawal transactions accounted for 53.8% of Binance transaction activity on June 23. The figure represents the highest withdrawal share recorded since June 2024.
Meanwhile, deposit transactions fell to 46.1%, marking their lowest level since the beginning of 2024. The latest readings show a widening gap between exchange inflows and outflows. More importantly, withdrawals have remained ahead of deposits for seven consecutive days since June 17. According to Taha, this marks a sustained shift in transaction behavior rather than a temporary spike in activity.
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Data from the chart shows withdrawals steadily gaining momentum throughout June. Consequently, withdrawal transactions now represent the majority of XRP transaction activity on Binance. At the same time, deposit transactions continue trending lower, highlighting reduced exchange-bound activity among XRP holders.
The development stands out because it comes during a period of broader market uncertainty. Despite fluctuations in XRP’s price, Binance users have continued removing assets from the exchange instead of increasing deposits.
Historically, rising deposit activity often accompanies periods when traders prepare assets for potential selling. However, current transaction patterns suggest many users are taking the opposite approach by moving XRP away from Binance.
Self-Custody Trend Gains Momentum
Moreover, XRP was trading near $1.11 when the latest readings were recorded. Despite the lower price environment, deposit activity did not increase. Instead, withdrawal transactions continued strengthening, reinforcing the broader trend highlighted in the data.
Taha noted that the metric measures the share of deposit and withdrawal transactions rather than the total amount of XRP transferred. Therefore, it does not indicate the value of assets moving on or off the exchange. Nevertheless, it provides a useful snapshot of changing user behavior.
Source: CryptoQuant
Market participants often watch withdrawal trends because assets held outside exchanges are generally less available for immediate liquidation. Additionally, extended periods of withdrawal dominance can signal a growing preference for self-custody and long-term storage solutions.
While the data alone does not confirm accumulation, it clearly shows that XRP holders are increasingly choosing external wallets over exchange storage. The seven-day streak of withdrawal dominance underscores a notable change in how Binance users are managing their XRP holdings.
The latest CryptoQuant data shows XRP withdrawals maintaining control on Binance for a full week. With withdrawal activity reaching a one-year high and deposits falling to multi-year lows, investors appear to be moving XRP off the exchange at an increasingly aggressive pace.
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