Large XRP Holders Have Been Pulling Coins Off Binance

Two significant whale outflow events from Binance occurred within the same month, according to CryptoQuant data compiled by analyst Amr Taha.

On February 27, whale wallets recorded a net outflow of approximately 44 million XRP from Binance, one of the largest single-day withdrawal events visible on the chart. Earlier in February, on February 6, a separate outflow of roughly 30 million XRP was recorded from the same exchange.

What the Chart Tracks

The CryptoQuant Multi Exchanges Daily Whales NetFlow chart covers December 2025 through early March 2026 across 15 major exchanges including Binance, Coinbase, Bybit, Kraken, Upbit, Bitget, and others. Each daily bar represents the net movement of XRP held by whale wallets, with positive readings indicating XRP moving into exchanges and negative readings indicating XRP leaving.

Binance’s orange bars dominate both outflow events on the chart. The February 27 withdrawal is visible as one of the deepest negative readings in the entire period, dropping well below the zero line with Binance accounting for the majority of the movement. The February 6 event was similarly Binance-driven, though smaller in scale at approximately 30 million XRP.

Both withdrawals coincide with the period when XRP’s price was trading in the $1.25 to $1.40 range following the sharp drop from $2.30 in early January. Whales were moving coins off exchanges during the period of maximum price weakness.

What Outflows Mean for Supply

XRP leaving exchange wallets reduces the immediately available supply for selling. Coins in private wallets require an active decision to return them to an exchange before they can be sold. That friction is small but meaningful at scale. When whale-sized positions move off exchanges, the liquid float that can be sold at any given moment decreases.

Combined with the Binance reserve data covered earlier today showing total XRP reserve value dropping from $10 billion to $3.9 billion, and the extreme negative funding rates signaling overcrowded short positioning, the whale outflow data adds a third independent supply signal pointing in the same direction. Less XRP on exchanges, less immediately sellable supply, and short sellers paying to hold their positions simultaneously is a setup the on-chain data has been building toward for several weeks.

Whether price reflects that supply reduction depends on demand returning to match the reduced float. At $1.40, XRP remains roughly 40% below its January high. The supply side of the equation is shifting. The demand side is the open question.

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