240 Million XRP Pulled From Major Exchanges Since Early Summer: Why It Matters

Binance has seen the sharpest percentage drop in XRP reserves, while Upbit and Bithumb continue to hold the bulk of tracked supply. XRP’s struggle near $1 continues even as its peers display modest gains this week. The crypto asset is down by almost 10% over the past month. Despite the weakness, much more XRP is being withdrawn than deposited across major platforms. Reserves Slide According to the latest analysis shared by CryptoQuant, XRP reserves across Upbit, Binance, and Bithumb have fallen by roughly 240 million from their late-May and early-June levels, as of August 19. South Korean giant Upbit held 6.40 billion XRP, down from 6.51 billion on May 30, which is a decline of about 110 million, or 1.7%. The figures for Bithumb fell to 1.82 billion from 1.85 billion on June 2, a decrease of roughly 30 million, or 1.6%. Meanwhile, Binance recorded the largest percentage decline, with its reserves for the token dropping to 2.62 billion from 2.72 billion over the same period, which translates to a reduction of approximately 100 million XRP, or 3.7%. Combined reserves across the three exchanges decreased from about 11.08 billion to 10.84 billion, representing a decline of roughly 2.2%...