XRP Exchange Withdrawals Hit 115 Million Tokens as on-Chain Accumulation Signal Builds
XRP (XRP) recorded outflows of 115 million tokens from spot exchanges in a recent on-chain measurement window, a figure reported by U.Today and cited through Bitget’s news feed on May 10. Exchange withdrawals of this scale move tokens from exchange-controlled wallets to addresses likely owned by individual holders, a pattern that reduces the immediately available sell-side supply.
XRP was trading near $2.40 at the time of the signal, giving the withdrawn tokens a combined value above $275 million. Whether the move represents long-term accumulation or short-term repositioning depends on factors the on-chain data alone cannot confirm.
What Exchange Outflows Mean for XRP Supply
When tokens leave exchange wallets, they move out of the pool of assets that can be sold instantly on an order book.
That reduces exchange-held supply without necessarily reducing circulating supply overall. The interpretation most commonly applied by on-chain analysts is that outflows precede a reduction in near-term selling pressure, as tokens sitting in personal wallets require a return to an exchange before they can be liquidated.
The inverse pattern, large inflows to exchanges, is typically associated with anticipated selling.
A withdrawal of 115 million XRP in a single measurement window is notable given XRP’s total circulating supply of approximately 57 billion tokens. The withdrawal represents roughly 0.2% of circulating supply, a meaningful single-session move by exchange flow standards.
On-chain analysis of exchange flows is an imprecise tool, and movements between exchange hot wallets, cold wallets, and custodial accounts can generate apparent outflows without reflecting genuine holder behavior.
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Background
XRP has traded within a broadly defined range between $2.00 and $3.50 throughout much of early 2026, following a sharp rally from below $1.00 in late 2024. That rally coincided with a shift in the U.S. regulatory environment for cryptocurrency, including the conclusion of the long-running SEC lawsuit against Ripple Labs, the company most closely associated with XRP’s development and distribution.
The lawsuit, which began in December 2020 and centered on whether XRP constituted an unregistered security, ended with a partial settlement in 2024 that allowed Ripple to continue operating in the United States. The resolution removed the single largest regulatory overhang on XRP’s price and opened the door to institutional participation that had previously avoided the token due to legal uncertainty.
XRP has since attracted increased interest from payment-focused financial institutions and from retail investors who view it as a faster and cheaper settlement layer than Bitcoin or Ethereum for cross-border transactions.
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XRP’s Role in Cross-Border Payments
XRP’s design differs from Bitcoin and Ethereum in important ways.
The XRP Ledger processes transactions in three to five seconds at a cost below $0.01, making it better suited than proof-of-work or proof-of-stake chains for high-frequency, low-value payment flows. Ripple has pursued institutional adoption through its On-Demand Liquidity product, which uses XRP as a bridge currency for cross-border money transfers.
That use case gives XRP a demand driver beyond speculative trading, though the degree to which institutional ODL volume actually affects the token price remains disputed among analysts.
The 115 million token outflow from exchanges may reflect institutions or large holders moving XRP into custody solutions ahead of anticipated price appreciation or ahead of using the tokens in settlement flows. Neither explanation can be confirmed from the exchange data alone.
What to Watch
The most informative follow-up signal for this outflow data will come from exchange supply tracking over the next 48 to 72 hours.
A sustained trend of daily outflows would build the accumulation thesis more convincingly than a single session’s data. Separately, any regulatory development in the United States affecting Ripple or XRP’s classification, including progress on a potential spot XRP ETF, would create a more structural demand catalyst.
Several asset managers filed for spot XRP ETF approval in late 2024 and early 2025, and those applications remain under SEC review as of May 2026. Approval would bring a different class of buyer to the market and would likely accelerate the supply-tightening dynamic the on-chain data appears to be tracking.
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