According to an analyst from CryptoQuant, XRP whales have withdrawn a massive 231 million tokens from Binance, marking the highest outflow from the exchange in the past six months.
The outflows come as XRP trades steadily around the $1.48 level. The withdrawal spike is significant as it reduces the available supply on exchanges, typically signaling that large holders are moving assets into cold storage or private wallets for long-term holding rather than immediate selling.
A surge in whale outflows is generally considered a bullish indicator, as it alleviates immediate sell-side pressure on the market. This is especially noteworthy given the ongoing legal developments between Ripple and the SEC, as confidence appears to be growing among institutional investors regarding XRP's long-term outlook.