XRP outflows from Binance have just surpassed those of October 29, the day of the $6.3B hack on the platform.

On November 4, 418.5 million XRP were withdrawn from Binance, compared with 315 million on October 29. That represents roughly $540 million, making it the largest outflow day in the past 9 months.

These withdrawals come right after XRP rebounded above $1.30, following a 27% correction from its last high in late September.

The timing is notable, as we are the day after the midterms, and TOTAL2 (total crypto market cap excluding Bitcoin and stablecoins) gained almost $30B on the same day.

The market benefited from the midterms results, and some altcoins profited as well.

When this much XRP leaves exchanges in a single day, it reduces the supply immediately available for sale.

Historically, such withdrawals are often read as a sign of accumulation, but they do not guarantee an upward move, and part of it could also be due to internal movements within the platform.

It will be worth watching whether this flow continues over the coming days or if it turns out to be an isolated spike.

Written by Darkfost