Withdrawal activity for XRP on Binance surged to 53.8% on June 23, marking the highest rate seen since the beginning of June 2024. Meanwhile, deposits tumbled to just 46.1%, a level not witnessed in nearly two years. This sharp change in transaction ratios highlights a significant shift in user behavior on the world’s largest cryptocurrency exchange.
Withdrawals outpace deposits for seven consecutive days
The gap between withdrawals and deposits reached 7.7 percentage points, signaling a notable transformation in XRP-related activity on Binance over the last week. Such a margin suggests traders are moving their XRP off the platform at levels rarely observed in recent history.
Crucially, these figures are not a one day anomaly. Since June 17, each day has seen withdrawals maintain the upper hand over deposits, resulting in a seven day streak dominated by outflows. This consecutive pattern offers insight into sustained investor sentiment over an extended period, rather than just short term volatility.
The seven day average for XRP withdrawals hit 53.8% as of June 23, the highest point since early June 2024. Meanwhile, deposit activity slipped to just 46.1%, reflecting the weakest level seen in almost two years.
It’s important to note that this metric tracks the number of withdrawals versus deposits, not the total USD value or volume of XRP moved. In other words, an increase in the withdrawal share does not automatically signal large scale buying or selling pressure in the market.
Nevertheless, the persistence of this trend for a full week makes it more noteworthy. While daily swings can sometimes be dismissed as market “noise,” a consistent pattern over seven days hints at a potentially deeper shift in the preferences of XRP investors on Binance.
On chain data for RLUSD attracts attention
Alongside changes in exchange flows, on chain data related to Ripple’s RLUSD stablecoin is also drawing scrutiny. According to published figures, $539 million worth of RLUSD was burned in the last 30 days. Notably, in this period, burn volume exceeded new issues by over $129 million.
Glossary: RLUSD is a US dollar pegged stablecoin issued by Ripple. “Burning” refers to the permanent removal of tokens from circulation, while “minting” refers to the creation of new tokens.
Most of these burns occurred between June 2 and June 12, marking the longest daily burn streak since RLUSD launched in December 2024. The single largest burn took place on June 3, when $75.1 million worth of RLUSD was removed in a single day.
XRP price records a weekly slide
At the time of writing, XRP was trading at $1.11, reflecting a decline of 1.47% in the past 24 hours and a steep 9.43% drop over the last week. Trading volume in the same 24 hour window reached $1.37 billion, underlining continued market activity despite the bearish price movement.
With the persistent dominance of withdrawals over deposits on Binance, a slump in deposits, and prominent burn activity in RLUSD, several key trends are converging as June draws to a close. The XRP ecosystem is clearly in flux, with multiple factors contributing to heightened market sensitivity and speculation.
