A mainstream crypto market analyst has flagged what they call a “pressure build” in XRP: roughly 228 million XRP have been withdrawn from major exchanges Binance and Upbit in recent weeks, alongside a sharp rise in whale-sized outflows from Coinbase.
In his latest investigation, Cheeky Crypto stresses this is not proof of an imminent rally, but argues the exchange data shows the “quiet part of the XRP market” is starting to move while XRP’s price and sentiment remain staggeringly subdued.
Whale Withdrawals Jump On Coinbase, Binance & Upbit
Citing exchange flow data through July 2, 2026, the analyst highlights that transfers above 1 million XRP have grown rapidly as a share of total outflows on Coinbase.
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On June 16, these large withdrawals accounted for about 10% of Coinbase’s XRP outflow value; by July 1, that share had climbed to 25.7%.
Binance shows a different but equally concentrated pattern. By July 1, whale withdrawals represented 49.6% of all XRP outflows there, meaning nearly half of XRP leaving the platform was moving in large blocks.
On the reserve side, Binance’s tracked XRP balance reportedly fell from around 2.78 billion XRP on May 12 to 2.61 billion XRP on July 2 — a drop of roughly 117 million XRP.
Upbit’s XRP reserves declined as well, from about 6.515 billion XRP on May 30 to 6.457 billion XRP on July 2, a reduction of roughly 58 million XRP. Combined, those Binance and Upbit outflows sum to the headline figure of around 228 million XRP leaving tracked reserves.
Signal, Not Proof: What the Moves Might Actually Mean
Cheeky Crypto repeatedly cautions against “lazy interpretation” that automatically labels every exchange withdrawal as bullish.
The data does not show where the XRP went, whether it moved into cold storage, changed custody providers, or was simply part of internal wallet restructuring. “This is not proof. It is a signal,” he says.
Still, Cheeky Crypto notes a few plausible motives: large holders gaining confidence to keep XRP off exchanges during a flat, “tired” market; risk control after years of hacks and failures; or positioning ahead of potential catalysts such as regulatory clarity, institutional settlement demand or ETF-related speculation.
Reduced exchange balances can make markets more “sensitive” if demand suddenly returns, because less XRP is immediately available to sell.
Cheeky Crypto frames XRP’s case as tied less to hype and more to longer-term narratives around payments, liquidity and cross-border settlement. In that context, a slow drain of exchange reserves could matter more if XRP’s role in real-world finance strengthens over time.
For now, the key questions the episode poses to viewers: Will reserves keep falling, will whale withdrawals persist, and what additional evidence would justify calling this a true accumulation phase?
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People Also Ask:
Analyst Cheeky Crypto is explicit that withdrawals alone do not force higher prices; demand still has to show up.
Not definitively. Large transfers can represent accumulation, custody changes, internal shuffling, or off-exchange deals that look similar on-chain.
Lower exchange balances can mean less available coin supply, which may amplify price moves when demand increases.