XRP holdings on two of the world’s largest cryptocurrency exchanges, Binance and Upbit, have fallen to their lowest levels in several months, according to on-chain data shared by CryptoQuant analyst Amr Taha. The combined outflow from the platforms totals approximately 228 million XRP, marking a notable shift in exchange liquidity that has drawn attention from market participants.
Binance’s reserves decreased by about 6%, dropping from roughly 2.78 billion XRP on May 12 to 2.61 billion XRP, the lowest level since March. Upbit, the South Korean exchange, saw its reserves decline from about 6.515 billion XRP on May 30 to 6.457 billion XRP on July 2—a reduction of around 58 million XRP. Despite the modest percentage drop, Taha emphasized that even small movements carry significance due to Upbit’s massive holdings.
The outflows appear concentrated. Bithumb, another major South Korean platform, maintained stable XRP holdings of around 1.84 billion XRP during the same period. This divergence suggests the decline is not a broad market trend but rather specific to Binance and Upbit.
Declining exchange reserves can result from transfers to private wallets, inter-exchange movements, or a reduction in immediately tradable supply. While some traders interpret shrinking supply as a sign of accumulation, Taha cautioned that this alone does not confirm a bullish trajectory. Sustained buying pressure and a meaningful squeeze in spot liquidity would be needed to drive prices higher. Without those conditions, the drop could simply reflect internal exchange operations or institutional custody shifts.
The data arrives as XRP navigates a complex regulatory landscape and fluctuating sentiment. Exchange reserve figures offer a useful snapshot of available supply, but analysts stress that they are just one piece of a larger puzzle that includes volume, order book depth, and broader market conditions.
