Why Did XRP Price Drop 9% Even After 100 Million XRP Were Pulled From Exchanges?
XRP whales pulled over 100 million coins off major exchanges in a move that usually signals accumulation and rising prices, yet XRP still lost nearly 10% in a week. The real culprit behind the sell-off is not who most holders…
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Recently, XRP (CRYPTO:XRP) whales pulled about 105 million XRP, worth around $147 million, off the Binance and Upbit exchanges between mid-September and early October 2026, according to CryptoQuant. Typically, large withdrawals suggest that major holders are accumulating more coins, making them less available for quick sales.
However, XRP’s price still fell unexpectedly. As of October 9, XRP was trading near $1.40, down 9% over the past week and about 62% below its all-time high of $3.65. This price level is reminiscent of where it stood two weeks after the 2024 U.S. election.
So, if whales were taking coins off exchanges, who was selling?
XRP Whales Withdrew 105 Million XRP From Binance and Upbit
According to CryptoQuant data, Binance’s XRP balance fell from about 2.70 billion on September 26 to 2.63 billion on October 4, a drop of about 73 million XRP. On Upbit, another 32 million XRP were withdrawn from September 11 to October 5. Notably, whale-sized transfers made up 84.2% of Binance’s XRP outflows on September 29, while retail-sized transfers accounted for about 15%.
Additionally, Santiment data indicates that wallets holding between 10 million and 100 million XRP increased their total balance from 12.48 billion XRP on September 6 to 13.8 billion on October 6. Most of this increase happened in a single jump around September 24, suggesting a single large holder rather than a surge in buying by many investors.
Remember, a withdrawal doesn’t reveal an owner’s plans. Whales might move XRP into cold storage for long-term holding, transfer it to a custodian, or send it to a lending desk or private sale arrangement. All of these transactions appear the same on the blockchain.
Binance Took In 1.6 Billion XRP as Whales Withdrew
The withdrawals represent only part of the overall flow. Over the past 30 days, Binance received about 1.6 billion XRP in deposits, the highest it has seen since March. Because these deposits provide liquidity for selling, this inflow kept significant amounts of XRP available to sellers.
As a result, despite significant whale withdrawals totaling about 1.38 billion XRP over 30 days (the highest in seven months), Binance’s balance fell by only about 2.7% between September 26 and October 4. Furthermore, whale outflows fell as the price declined, narrowing the gap between whale and retail withdrawals by 27% between September 30 and October 8.
This trend reflects a market dynamic in which some large holders withdraw coins while others deposit them for sale. It mirrors previous instances in which XRP exchange balances dropped sharply without a corresponding price rise.
Leveraged Traders, Not XRP ETFs, Are the Likely Sellers
Interestingly, XRP funds appear to be buyers, not sellers. On October 8, U.S. spot XRP ETFs took in about $8.2 million, while Bitcoin and Ethereum funds saw outflows, though XRP ETF holders remain underwater.
Meanwhile, leveraged traders faced significant pressure. The October 8 sell-off forced many out of their positions. Leverage involves borrowing money to trade, and when the market moves against them, exchanges automatically close their positions, triggering sales. On that day, exchanges liquidated over $1.1 billion in leveraged positions across the crypto market, adding downward price pressure.
Who Is Selling XRP While Whales Withdraw?
The selling appears to have come primarily from leveraged traders who were forced out on October 8, along with holders depositing coins on Binance to sell. While XRP whales withdrew about 1.38 billion XRP over 30 days, deposits matched them with 1.6 billion XRP, keeping Binance’s balance relatively stable.
For XRP holders, the challenge is that whale withdrawals may send mixed signals, since deposits continue to replenish exchanges. If Binance’s balance stays below 2.63 billion XRP while XRP funds keep accumulating, it could signal a strengthening market. However, if the balance rises above 2.70 billion and XRP drops below $1.36, about 3% lower, it may suggest that selling pressure from holders depositing to sell is driving the next price decline instead of forced selling.
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Sam Daodu is a crypto analyst who's spent nearly a decade making blockchain understandable—no easy task when most whitepapers read like fever dreams. He writes for 24/7 Wall St., covering Bitcoin, altcoins, and crypto market analysis for investors. Before crypto, he was a tech writer (back when explaining "the cloud" was peak innovation). Since 2018, he's written for CoinTelegraph, Yahoo Finance, The Block, Cryptonews, Zypto, Rain, and more—basically anywhere people want crypto news without the headache. Sam runs MacLabs Marketing, a content agency for crypto brands tired of sounding like AI wrote their website. He also publishes free crypto education on his site for Web3 enthusiasts who think "gas fees" is a typo. When he's not writing or staring at charts, Sam's either: - Watching anime (currently convinced One Piece has better tokenomics than most altcoins) - At the gym sculpting himself into a Greek god - Listening to the music your mum warned you only bad boys listen to Connect: LinkedIn | Email | MacLabs Marketing
