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Investors Pull 240 Million XRP Tokens From Exchanges
The latest data from CryptoQuant sheds light on the fact that investors have pulled out 240 million XRP tokens from exchanges in the last three months. The withdrawal has reflected negatively in the charts, as Ripple’s native token fell to the $1 level in August. The data also shows that the amount of withdrawals has outnumbered the purchases, indicating weakness in XRP.
South Korea’s Upbit saw the highest number of withdrawals with 110 million tokens removed. Bithumb saw 30 million XRP tokens being withdrawn, and many more exchanges experienced the same. The relentless fall from $3.65 to $1 is among the reasons for the sell-offs. Holding on for the long term will only force traders to hoard the tokens against their will. A sell-off allows them the opportunity to invest in other assets, and make more out of it.
XRP Exchange Outflows Signal Reduced Sell Pressure Despite Price Weakness
Recent on-chain data reveals that XRP has experienced significant net outflows from major cryptocurrency exchanges, including Binance, Upbit, and Coinbase, over the past week. This movement suggests that investors are withdrawing their holdings from trading platforms, potentially reducing the immediate sell pressure on the asset, even as its price continues to face downward momentum.
According to data from CoinGlass, as reported by The Crypto Basic, XRP recorded net outflows across most major exchanges in the last seven days. Binance led the trend with a net outflow of $32.32 million worth of XRP, followed by Upbit with $23.94 million, Coinbase with $8.12 million, and Bybit with $6.91 million. In contrast, Bitstamp and Gemini were the only exchanges to see net inflows, albeit modest ones, totaling $1.21 million and $230,000 respectively.
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