Key Highlights
- Approximately 240 million XRP tokens exited Upbit, Binance, and Bithumb between late May and early June.
- Total XRP balances on these three platforms decreased from approximately 11.08 billion to 10.84 billion tokens.
- Upbit experienced the highest withdrawal activity, with roughly 110 million XRP removed from the platform.
- Coinbase data revealed a seven-day net wallet count of negative 14,300, indicating substantial withdrawal momentum.
- The token temporarily dropped to approximately $0.97 before climbing back to around $1.11 on Thursday.
XRP currently hovers around the $1 mark while exchange holdings decline across leading platforms. The digital asset climbed to $1.11 on Thursday following a brief dip below the dollar threshold earlier this week. CryptoQuant data shows that market participants withdrew 240 million XRP from Upbit, Binance, and Bithumb beginning in late May through early June.
Leading Exchanges Report Declining XRP Balances
Upbit maintained 6.40 billion XRP on August 19, representing a decrease from 6.51 billion recorded on May 30. This withdrawal activity totaled 110 million tokens, representing a 1.7% reduction. Upbit continues to maintain the largest XRP holdings among these three exchanges.
Bithumb’s XRP holdings decreased to 1.82 billion from 1.85 billion on June 2. Binance experienced a similar percentage reduction, with holdings falling to 2.62 billion from 2.72 billion. The aggregate holdings across all three platforms dropped from 11.08 billion XRP to 10.84 billion.
CryptoQuant metrics indicate a trend toward fund removals. Coinbase displayed a seven-day net wallet count of negative 14,300 as of August 18. This exchange accounted for 47.3% of the total imbalance, marking its largest proportion since July 2024.
Binance showed a net wallet count of negative 3,270, while Crypto.com displayed negative 2,680. Both platforms transitioned into negative territory during July. Upbit’s portion of the imbalance decreased to roughly 12% from 40% in June.
Token Value Recovers Following Brief Dip
XRP price fell to approximately $0.97 during the week before rallying above $1.10. The digital asset declined nearly 10% over the previous month, even as certain segments of the cryptocurrency market posted gains.
This downturn followed a retreat from XRP’s peak near $3.65. Market participants maintained their pattern of moving tokens off exchanges. Reduced exchange inventories can indicate transfers to self-custody wallets, though the underlying data does not reveal individual motivations for fund movements.
XRP currently navigates uncertain market conditions. Exchange inventories have contracted, while price momentum remains subdued relative to stronger-performing digital assets. The reserve metrics demonstrate reduced XRP availability on major trading venues as the token works to establish a sustained recovery pattern.
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