$150 Million Worth of XRP Withdrawn from Binance in 24 Hours

In the past 24 hours, more than $151 million worth of XRP has been withdrawn from Binance, the world’s largest cryptocurrency exchange, according to on-chain data from CryptoQuant recorded on June 11.

Notably, just one day prior, XRP outflows stood at a modest $23 million. This sudden sixfold increase in withdrawals suggests a potential strategic move by XRP holders.

Typically, large-scale withdrawals from exchanges are seen as a bullish signal. When tokens are transferred into cold wallets, investors often intend to hold them for the medium to long term, thereby reducing the immediate supply available for trading. This diminished short-term selling pressure can sometimes pave the way for upward price momentum.

However, XRP’s price has yet to react significantly to this massive withdrawal. On June 11, XRP continued trading steadily around $2.31, maintaining its price level despite substantial outflows. Such price stability amid heavy withdrawals may reflect a quiet accumulation phase before a potential sharp price movement.