Large Whale Withdrawals of $335M Worth of XRP from Binance Signal Mixed Market Sentiment
On August 28, 2026, whale investors withdrew a record 231 million XRP tokens ($335 million) from Binance in the largest single-day withdrawal for six months. This outflow occurred amid an overall price recovery of approximately 70% for XRP over recent weeks and marked a significant shift as large holders moved assets off exchanges, potentially reducing immediate sell pressure. Contrasting signals emerged in derivatives markets where traders increased bearish exposure. Binance reported the strongest net taker volume imbalance of -$96 million on the day, indicating aggressive selling activity despite rising spot prices above $1. Open interest also rose by 14.8%, suggesting new short positions were being established rather than longs being closed. The divergence between bullish spot demand and bearish derivatives positioning highlights a tug-of-war in market sentiment for XRP.
Tickers: $XRP
Topics: bearish signals Binance derivatives trading whale movements XRP