More than 720 million XRP have flowed out of major exchanges so far in June, making a withdrawal trend led by large holders more pronounced.

On June 16, blockchain outlet Cointelegraph reported that about 722 million XRP were withdrawn from major exchanges from June 3 to 14.

The move came as XRP rebounded to the $1.30 level on the day. CryptoQuant data showed repeated large withdrawals of more than 1 million XRP per transaction in daily exchange outflows. By exchange, Binance recorded the largest outflow at 425 million XRP.

Large withdrawals do not necessarily mean accumulation. Still, it can be read as a shift in supply and demand because it reduces the amount of XRP immediately available for sale on exchanges. With the possibility that selling pressure may ease, the market is watching whether the withdrawal trend will coincide with a price rebound.

Changes also appeared in wallet flows by exchange. Crypto analyst Amr Taha (아므르 타하) said Upbit's XRP net wallet flow dominance rose to 31 percent as of June 14. That was a sharp increase from 13 percent a week earlier and the highest level since May 2024. He said XRP's 5 percent rebound coincided with a clear rotation of funds toward Upbit. Deposit wallet activity was more concentrated on Korean exchanges, while the share of other major exchanges fell, he added.

Whale influence also remained in Binance’s internal flows. Binance’s whale-to-retail withdrawal spread approached 90 percent. The indicator refers to the gap between large withdrawals of at least 100,000 XRP and smaller retail withdrawals. The current level shows that large holders account for most XRP outflows from Binance.

Still, the indicator alone cannot determine whether the market is bullish or bearish. Taha said the repeated declines last month resembled a retest of the May 2024 period, but stressed that the figure tracks withdrawals rather than exchange selling activity. It means it should not be treated as a direct bullish or bearish signal indicating direction.

The Sharpe ratio, which shows risk-adjusted return, is also drawing market attention. XRP’s Sharpe ratio is currently around -0.36, turning negative again from 0.18 in May. The indicator assesses returns relative to volatility to show whether investors are being compensated for the risk they take.

Past cases show XRP has seen strong rebounds when the Sharpe ratio is negative. CryptoQuant said the average return in such periods exceeded 50 percent, and gains often slowed once the ratio turned positive again. In September 2022, when XRP traded around $0.33, the Sharpe ratio was -1.097. The subsequent cycle peaked around $3.14 in January 2025, with the ratio rising to 2.07.

Further downside risk also remains. Market analyst Teddy said that in April, periods when XRP’s Sharpe ratio fell deep into negative territory often overlapped with phases of market pain rather than an efficient trend. He said those phases were also sometimes linked to long-term accumulation, but downside pressure could persist as well.

In the end, the current XRP market is seeing an expanded pace of exchange outflows, concentrated wallet flows toward Upbit, whale-led withdrawals on Binance and a turn to negative in the Sharpe ratio at the same time. With expectations for a short-term rebound and the possibility of additional correction both still on the table, the next points to watch are whether large-wallet withdrawals continue and whether the Upbit-led trend persists.

XRP: Sharpe says the market is still in a post-pain phase Sharpe Ratio is not about price alone. It shows whether the market is delivering enough return for the volatility behind the move. That makes it useful not as a trigger, but as a phase filter. When Sharpe pushes deep… pic.twitter.com/nUehl1axJW