What to Know
- XRP holders are withdrawing coins across major exchanges, with Coinbase recording the strongest seven-day wallet imbalance among tracked platforms.
- Coinbase accounts for 47.3% of tracked XRP wallet imbalance, while Upbit dominance declined and Binance recovered from near-zero readings.
- CryptoQuant data shows withdrawing wallets outnumber depositing wallets, although wallet counts cannot determine XRP volumes or withdrawal destinations with certainty.
XRP holders are withdrawing their coins from major cryptocurrency exchanges, with Coinbase recording the strongest wallet imbalance overall. According to CryptoQuant data, Coinbase’s seven-day net wallet count dropped to negative 14,300 on August 17.
The figure represents Coinbase’s lowest reading since July 2024, with withdrawing wallets outnumbering depositing wallets. Moreover, the metric first entered negative territory on July 12.
Binance recorded negative 3,270 net wallets, while Crypto.com registered negative 2,680 wallets. Both exchanges entered negative territory around July 18 as withdrawing wallets increasingly exceeded wallets depositing XRP.
Coinbase Dominates XRP Withdrawal-Heavy Wallet Activity
Coinbase has become the largest contributor to XRP’s wallet imbalance across major exchanges, accounting for 47.3% of the absolute seven-day imbalance on August 18, according to the data. However, this percentage does not mean Coinbase processed 47.3% of all XRP withdrawals, as CryptoQuant compares each exchange’s absolute wallet imbalance against the combined imbalance across monitored venues.
Also Read: Zcash Targets $525 Breakout as Golden Cross Strengthens ZEC Setup
Source: CryptoQuant
Meanwhile, Upbit’s share declined from roughly 40% in June to approximately 12%, while Binance recovered from nearly zero around July 16 to about 10%. Consequently, Coinbase has become the primary contributor to the measured XRP wallet imbalance across CryptoQuant’s tracked exchanges.
What’s Happening With XRP on Major Exchanges?
The withdrawal-heavy activity is occurring while XRP trades around $0.996, placing the cryptocurrency near the important $1 level. More withdrawing wallets can indicate holders are moving XRP away from exchanges, reducing coins available for trading. Some holders may transfer assets into private wallets instead of maintaining exchange balances.
However, CryptoQuant’s metric does not reveal the destination of withdrawn XRP or confirm accumulation. The indicator measures participating wallets rather than the quantity transferred.
Hence, smaller withdrawals could produce a negative reading even when fewer deposits involve larger XRP amounts. Transfers may move toward custody providers, alternative exchanges, or private wallets.
Overall, withdrawing wallets now outnumber depositing wallets across Coinbase, Binance, and Crypto.com during the seven-day measurement period, with Coinbase positioning as the strongest contributor, accounting for 47.3% of the measured imbalance.
Also Read: Blockchain Association Backs SEC NMS Overhaul to Boost Tokenized Securities
