Binance Gains Favor Among Large XRP Investors as Coinbase Sees Decline

CryptoQuant, a leading cryptocurrency analysis platform, has identified a notable change in XRP transfer data since June. The company's analysis reveals that large investors are increasingly favoring Binance as their exchange of choice for withdrawing XRP.

According to CryptoQuant's data, the share of transactions exceeding 1 million XRP on Binance has increased from 47% to 52.9%, while the share of transfers between 100,000 and 1 million XRP has risen from 20% to 27%. This indicates that large investors have become dominant in withdrawal transactions from Binance.

In contrast, Coinbase has seen a significant weakening of large-scale outflow activity, with transactions exceeding 1 million XRP accounting for only 10% of total outflows. Transfers between 10,000 and 100,000 XRP also fell from 27% to 16%, suggesting that smaller investors are withdrawing their XRP at a slower rate.

CryptoQuant emphasizes that these developments point to a significant shift in the market structure rather than a bullish signal for XRP. The company notes that if the decline in Binance reserves continues and large-scale outflows remain high, it could become an indicator that the XRP supply on the exchange is tightening.