XRP whale dominance across centralized exchanges has fallen sharply after large holders controlled more than four-fifths of exchange outflows only days ago.
CryptoQuant data shows the whale-versus-retail outflow spread fell from 64% on Sept. 30 to 46.7% on Oct. 8, a decline of 17.3 percentage points, or roughly 27% in eight days.
The reversal follows an unusually whale-heavy period. On Sept. 29, whales accounted for 82% of XRP outflows across centralized exchanges, while Binance's whale share reached an even higher 84.2%.
XRP Whales Are Losing Their Outflow Dominance
The latest reading does not necessarily mean whales are selling XRP.
The metric measures the relative difference between large and small holders participating in exchange outflows. A falling spread therefore shows that whale-sized withdrawals are becoming less dominant relative to retail activity, rather than proving that whales are dumping tokens.
That distinction matters because the recent whale outflows had previously been interpreted as a sign that larger holders were increasingly moving XRP away from exchanges.
On Binance, the same trend is visible but less pronounced. Its whale-retail spread fell from 68% to 54.9% between Sept. 30 and Oct. 8, a decline of about 19.3%. That remains above the 46.7% reading across all exchanges.
104.7M XRP Recently Left Binance and Upbit
The decline in whale dominance comes after a major reduction in exchange reserves.
Between late September and early October, Binance reserves fell by roughly 73.1 million XRP, while Upbit lost another 31.6 million XRP. Combined, approximately 104.7 million XRP left the two exchanges.
That continues a longer-running pattern of falling exchange reserves, although lower reserves alone cannot establish whether holders are accumulating, moving funds between venues or transferring coins into custody.
