Users on major cryptocurrency exchanges Binance and Upbit are offloading increasing amounts of XRP, adding to selling pressure that has kept the token under sustained downside stress. According to on-chain data, Upbit users deposited 53,658 XRP tokens in the last 24 hours, while deposits on Binance reached 491,183 units. Total XRP reserves on Upbit have risen to 6.495 billion tokens, representing 40.25% of the total supply on exchanges.
Binance, the largest crypto exchange by volume globally, and Upbit, which dominates South Korean trading activity, are both seeing concentrated selling. This pattern suggests a broader shift in XRP sentiment rather than isolated repositioning. Analysis from CryptoQuant shows that XRP has been under ongoing pressure, with Binance funding rates remaining negative—a sign that traders are positioned bearishly. Negative funding rates indicate that short sellers are paying to maintain their positions, reflecting weak conviction among buyers.
Reports of tens of millions of XRP tokens being sold within short timeframes highlight whale-driven activity on Binance, compounding the pressure created by broader user selling. Since February 2025, Upbit’s net holdings increased by 509.4 million tokens (approximately $708 million), while Binance reserves grew by 1.762 billion units. Binance now holds about 16% of the total XRP supply available on centralized exchanges, with reserves reaching 2.549 billion tokens.
The asset’s price is currently in a consolidation range near $1.39. A technical report projects that XRP could remain in consolidation through the second week of May 2026, based on financial intelligence models analyzing incoming liquidity versus selling pressure. Analyst Egrag Crypto indicates that the token remains within a multi-month correction, potentially seeking support near $0.95 before attempting a new expansion phase toward previous all-time highs.
If selling from Binance and Upbit persists, near-term downside pressure on XRP will likely continue. The negative funding rates on Binance suggest derivatives traders are also leaning bearish, which can compound spot-side pressure if leveraged long positions get squeezed. However, if investors begin withdrawing tokens to cold wallets, the available selling pressure would decrease, presenting a catalyst for recovery. Analysts suggest monitoring the $1.48 resistance level, as surpassing it could mitigate short-term negative projections.
