XRP Whales Ditch Binance as Large Withdrawals Continue

According to recent data from blockchain analytics platform CryptoQuant, significant amounts of XRP have been withdrawn from Binance since May 3rd.

A total of approximately 403 million XRP has been taken out of the exchange during this period, with most transactions consisting of 1 million XRP or more. This suggests that whales and institutional investors are driving these large withdrawals.

CryptoQuant notes that this trend is not a one-off event, but rather a steady outflow of large transactions from Binance. Historically, regular and large-scale outflows of cryptocurrency from exchanges have often been interpreted as a decrease in the desire for accumulation or storage transfers.