Approximately 200 million XRP tokens have been withdrawn from the Binance exchange over ten days, according to on-chain data. The outflows occurred as the token’s price traded 27% lower than a month ago, with some analysts suggesting the movement signals investor accumulation for long-term holding rather than panic selling amid the market downturn.
Data tracked by on-chain observer Darkfost shows a steady drop in XRP balances held on Binance. The exchange’s XRP supply ratio fell from 0.027 to 0.025 over ten days, translating to about 200 million tokens leaving the platform.
Analysts note such withdrawals can reflect conviction, as traders rarely shift assets off platforms during sudden panic phases. “This dynamic therefore suggests that some investors consider current price levels to be attractive from an accumulation standpoint,” Darkfost concluded.
The token has corrected roughly 40% since the start of the year, pushing to a 15-month low. At the time of reporting, XRP was trading around $1.42, down 4.5% in 24 hours and 27% over the past month.
Despite price pressure, XRP continues to attract attention, with Grayscale identifying it as the second-most discussed asset after Bitcoin. A recent report from CoinShares also showed XRP-linked funds drew about $33 million in inflows while other major assets saw outflows.
Some financial institutions have tempered near-term expectations, however. Banking giant Standard Chartered slashed its year-end XRP price target by 65%, lowering its forecast from $8.00 to $2.80.
