XRP futures trading volume across Binance, Bybit, OKX and Bitget surged to $11.37 billion on Aug. 22, the highest level since Feb. 5, just one day after large XRP exchange withdrawals reached 231 million XRP following a 4.3x increase in 48 hours.

The simultaneous jump came during a sharp XRP price rebound of roughly 45%, putting exchange flows, derivatives turnover and price activity at their strongest combined levels in months.

Large-transfer outflows — transactions exceeding 1 million XRP each — climbed from

54 million XRP on Aug. 19 to

114 million on Aug. 20 and

231 million on Aug. 21.

Derivatives activity accelerated immediately afterward.

Binance recorded $5.63 billion in XRP futures volume on Aug. 22, followed by Bybit at $2.35 billion, OKX at $2.04 billion and Bitget at $1.35 billion.

Combined volume across the four exchanges was about 17.5% higher than on Feb. 5. The increase was also broad-based: compared with Feb. 5, XRP futures volume was roughly 60% higher on Bitget, 51% higher on OKX and 15% higher on Bybit, while Binance was around 3.5% higher.

The data does not establish whether futures traders were predominantly long or short, nor do exchange withdrawals alone confirm accumulation.

What stands out is the scale and timing: large XRP withdrawals quadrupled within two days before derivatives trading activity reached its highest level in more than six months as price moved sharply higher.

Written by Amr Taha