XRP withdrawal transactions on Binance have reached their highest level in two years, according to CryptoQuant analyst Amr Taha. As of July 17, the XRP withdrawal transaction share stood at 54.5 percent.
This represents a significant imbalance, with withdrawals making up nearly 55% of all XRP transactions on Binance, while deposits account for just under 45%. This gap between withdrawals and deposits has widened to 9.1 percentage points, more than 40% wider than the previous comparison period.
A similar trend is observed across centralised exchanges, but it's even more pronounced on Binance. In fact, Binance users are moving XRP off the exchange faster than the broader market average.
Taha cautions against interpreting this data as a direct bullish signal. He notes that the metric only tracks the share of deposit and withdrawal transactions, not the volume of funds moved or net outflows from exchanges.