XRP futures trading volume across Binance, Bybit, OKX and Bitget reached $11.37 billion on Aug. 22, the highest level since Feb. 5 and about 17.5% above the earlier mark. The surge came one day after large XRP exchange withdrawals—transactions exceeding 1 million XRP each—rose 4.3 times in 48 hours to 231 million XRP, while XRP’s price rebounded roughly 45%. Binance led the derivatives activity with $5.63 billion, followed by Bybit at $2.35 billion, OKX at $2.04 billion and Bitget at $1.35 billion. Compared with Feb. 5, volume was about 60% higher on Bitget, 51% higher on OKX, 15% higher on Bybit and 3.5% higher on Binance. The data does not show whether futures traders were mainly long or short, and withdrawals alone do not confirm accumulation. The scale and timing instead show that large XRP outflows quadrupled within two days before derivatives turnover reached its highest level in more than six months as prices moved sharply higher.