What to know:
- Coinbase recorded its most withdrawal-dominant XRP transaction reading in five months as Binance and Bybit reflected broader exchange shifts simultaneously.
- CryptoQuant analyst Amr Taha said the metric tracks transaction counts rather than transferred XRP values, highlighting user behavior instead.
- XRP remained near $1.10 despite rising withdrawals, suggesting exchange activity changed without an immediate price response across major platforms.
XRP holders are increasingly moving their tokens away from major cryptocurrency exchanges, signaling a notable shift in trading activity. According to CryptoQuant analyst Amr Taha, withdrawal transactions have overtaken deposits across several leading platforms, with Coinbase posting its most negative seven-day reading in roughly five months. Despite the growing withdrawal trend, XRP has remained near the $1.10 mark.
According to Amr Taha, Coinbase recorded the strongest withdrawal activity among the exchanges tracked by CryptoQuant. Its seven-day net depositing and withdrawing transaction count fell to approximately -13,000 on July 15. That reading surpassed the -12,300 recorded on February 14, making it the exchange’s lowest level in about five months.
The analyst noted that the latest figure is around 700 transactions, or 5.7%, more negative than the February reading. Consequently, the gap between withdrawal and deposit transactions has widened, suggesting that more users are transferring XRP away from Coinbase than sending it to the exchange.
Binance also displayed a similar pattern, as CryptoQuant data showed its seven-day transaction metric declining to roughly -5,600, matching levels previously recorded around February 11. Although Binance also shifted into withdrawal-dominant territory, Coinbase’s negative reading was approximately 2.3 times larger, making it the strongest signal among the exchanges analyzed.
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Coinbase, Binance, and Bybit Reflect a Broader Exchange Trend
According to Amr Taha, Bybit experienced the largest structural change over the review period. Its seven-day transaction count moved from approximately +27,000 on June 7 to around -220 by July 15. That represents a swing of roughly 27,220 transactions over 38 days.
However, the analyst explained that Bybit’s latest reading remains close to neutral. Therefore, the data suggests that the exchange’s earlier deposit dominance has faded rather than being replaced by exceptionally heavy withdrawals.
Source: CryptoQuant
Meanwhile, Coinbase, Binance, and Bybit all posted negative readings at the same time. As a result, the data indicates that withdrawal-dominant activity has expanded across multiple major trading platforms instead of remaining isolated to one exchange.
Even with this shift, XRP traded near $1.10 throughout the period. Therefore, the increase in withdrawal activity has not produced an immediate move in the asset’s price.
Indicator Tracks Activity Rather Than Transfer Size
Amr Taha also emphasized that the indicator measures the number of depositing and withdrawing transactions, not the amount of XRP transferred or the dollar value involved. Therefore, the metric reflects changes in exchange-user behavior instead of confirming how much XRP investors are moving.
Additionally, one withdrawal transaction could involve a small retail transfer or a large institutional movement. Likewise, hundreds of smaller withdrawals may represent less XRP than a single large deposit. Because of this limitation, the metric should be evaluated alongside exchange reserves, whale activity, trading volume, and other on-chain indicators.
The latest CryptoQuant data shows that XRP is experiencing heavier withdrawal activity across major exchanges, led by Coinbase’s most negative transaction reading in roughly five months.
According to Amr Taha, Binance has also returned to February withdrawal levels, while Bybit’s deposit-heavy activity has largely disappeared. Together, these developments point to a broader shift in exchange-user behavior, although XRP has yet to reflect that change through a stronger price movement.
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