[DigitalToday reporter Yoonseo Lee (이윤서)] XRP whales withdrew $165 million worth of XRP from major exchanges on Sept. 11 (local time). It was the largest intraday withdrawal since February.

Blockchain media outlet The Crypto Basic reported on Sept. 15 that XRP has faced selling pressure since a late-August peak, but on-chain data detected large exchange withdrawals by whales.

On-chain analytics firm CryptoQuant tallied whale transactions of at least 1 million XRP and found that XRP withdrawn that day from major exchanges including Binance, Bybit, OKX and Upbit exceeded $165 million.

Withdrawals were concentrated on Binance. On Binance, transactions of at least 1 million XRP withdrew 85.4 million XRP, about $115 million. That was about 70 percent of the total withdrawals. Binance also saw large net outflows in smaller bands. Transactions of 100,000 to 1 million XRP withdrew 16.38 million XRP, and transactions of 10,000 to 100,000 XRP withdrew 9.6 million XRP.

Other exchanges showed a similar pattern. Bybit recorded the second-largest withdrawal 규모 as transactions of at least 1 million XRP saw just over 20 million XRP, about $27 million, leave the exchange. On the same exchange, transactions of 100,000 to 1 million XRP withdrew about 6 million XRP, and transactions of 10,000 to 100,000 XRP withdrew 3.5 million XRP.

On OKX, transactions of at least 1 million XRP withdrew 7 million XRP, about $9.45 million. Including transactions in the 10,000 to 1 million XRP range, an additional 5.38 million XRP flowed out. On Upbit, transactions of at least 1 million XRP withdrew 6.1 million XRP, about $9.15 million. Another 6.78 million XRP also flowed out in transactions in the 1,000 to 1 million XRP range. Bithumb's whale withdrawals were tallied at 4 million XRP.

The price swung sharply during the session the same day. As large withdrawals continued, XRP rose as high as $1.43 before giving back gains and forming a Sept. 11 close at $1.35. Still, it rose 1.64 percent on the day, avoiding the possibility of ending with a third straight session of declines.

In the market, large withdrawals are typically interpreted as a factor that supports prices by reducing the amount available for selling on exchanges. If funds moved to cold wallets for long-term storage, the effect of easing selling pressure could grow. The latest move, however, did not immediately lead to a bullish turn.

The key going forward is whether exchange withdrawals lead to sustained holding. Since it could be movement between exchanges or wallet reshuffling, it is hard to conclude accumulation based on withdrawal 규모 alone. Whether an actual decline in selling supply is accompanied by fresh buying demand remains a key variable for an XRP rebound.