Data from CryptoQuant shows a sharp drop in XRP reserves across major South Korean cryptocurrency exchanges. Upbit's XRP balance fell to about 6.43 billion, marking its lowest since May. This is down roughly 85 million XRP or 1.3% from its peak on May 30, when holdings reached 6.515 billion XRP.
Despite the decline, Upbit's reserves remain considerably large, holding around 2.47 times more XRP than Binance. As of July 24, Binance reported reserves near 2.60 billion XRP, down 7.1% or 200 million XRP from a March peak of 2.80 billion XRP. Bithumb's XRP reserves hover close to 1.83 billion, a figure similar to its balance at the end of May.
Exchange Reserve Divergence and Market Implications
The divergence among these exchanges is striking: Upbit hitting a multi-month low, Binance staying below its March high, and Bithumb maintaining steady levels. CryptoQuant highlights that since Upbit and Bithumb hold relatively high XRP amounts compared to others, movements in their reserves provide key insights into the liquidity structure sourced from exchanges.
a reduction in exchange reserves does not automatically mean XRP is exiting into personal wallets; it could represent internal transfers or other factors.
Such fluctuations in XRP reserves often align with shifts in market sentiment and trading activity. For context, XRP recently edged toward a critical $1.13 threshold amidst dropping Binance holdings, signaling changing dynamics across major platforms.
This content is for informational purposes and does not constitute financial advice.
