A massive outflow of more than 500 million XRP—worth roughly $300 million—from Binance has pushed the exchange’s XRP reserves to 2.6 billion tokens, the lowest monthly average since February 2024. According to CryptoQuant analyst Darkfost, Binance previously held about 3.1 billion XRP when the market entered a bearish phase in November 2025, meaning its average holdings have fallen by approximately 16.1% in under a year.
The decline has continued even as XRP trades near $1.35, a roughly 63% drawdown from its prior high of $3.66, despite gaining nearly 30% over the past month. Darkfost’s chart uses a 30-day moving average, smoothing out isolated deposits, withdrawals, and internal transfers, and still shows a persistent downward trend. Falling exchange reserves during price weakness are typically viewed as a sign that investors are accumulating XRP and moving coins into private wallets, potentially reducing the supply immediately available for sale on Binance.
Spot XRP exchange-traded funds launched in November and December 2025 may also be contributing to the decline, as ETF issuers and liquidity providers could be purchasing XRP from exchanges to support fund creation. However, the data cannot confirm whether the withdrawn tokens entered ETF custody accounts or privately controlled wallets. Binance may also have redistributed XRP among operational wallets. While a recovery toward 2.8 billion XRP would weaken the accumulation interpretation, the current reserve drop indicates substantial holdings have left the exchange despite broader market weakness.
