TL;DR
Binance withdrawals below 10,000 XRP rose from 3% to 19.7% of outflow value between September 30 and October 20, the highest share since October 2024.
Transfers above 1 million XRP fell from 60% to 38.6% on Binance, while withdrawals above 100,000 XRP still represented 65.7% of outflow value.
Binance, Upbit and Bithumb reserves increased by 120 million XRP, showing higher exchange balances even as withdrawal-size composition shifted toward smaller transfers.
XRP withdrawal activity on Binance shifted toward smaller transfers in October, even as large transactions continued to represent most outflow value. In a CryptoQuant analysis , withdrawals below 10,000 XRP rose from 3% of outflow value on September 30 to 19.7% on October 20, a 6.6-fold increase and the highest share since October 2024. For readers following XRP , the shift shows smaller withdrawals taking a much larger share of Binance outflows, not proof that retail holders are accumulating tokens.
Large XRP Transfers Lose Share While Exchange Reserves Increase
Transfers above 1 million XRP fell from 60% to 38.6% of Binance outflow value, a decline of 21.4 percentage points. Transfers between 100,000 and 1 million XRP increased from about 24% to 27%. Despite the change, withdrawals above 100,000 XRP still represented 65.7% of total outflow value. The pattern extends a decline in whale dominance across XRP exchanges . Large transfers therefore remain dominant in value terms even as their relative share has contracted sharply.
Coinbase showed a similar shift. Transfers above 1 million XRP declined from 43% of outflow value on September 30 to 12.5% on October 20, equivalent to a 30.5-percentage-point drop and a 70.9% relative decrease. The figures describe withdrawal-value composition rather than absolute XRP withdrawn, so they should not be read as evidence that whales sold, stopped accumulating or changed beneficial ownership. The data indicate a change in transfer-size distribution, while holder intent remains unknown from the metric alone.
Exchange reserves moved in a different direction. Between October 5 and October 20, Binance reserves increased from 2.60 billion to 2.66 billion XRP, Upbit rose from 6.41 billion to 6.45 billion, and Bithumb climbed from 1.82 billion to 1.84 billion. Combined reserves increased by 120 million XRP to 10.95 billion, with Binance accounting for half the gain. That adds context to recent XRP exchange reserve trends . Rising reserves indicate more XRP held on exchanges, but they do not confirm that those tokens were sold.
The October 20 readings remain subject to final confirmation, according to CryptoQuant. The percentages can change as transactions are incorporated. Earlier Binance XRP outflow cycles show why reserve direction and withdrawal composition should be evaluated separately rather than treated as identical signals. The clearest signal today is a redistribution in withdrawal sizes alongside higher exchange reserves, not a confirmed shift toward retail accumulation or whale selling.
