XRP Scarcity on Binance Hits Highest Level Since 2022 as Reserves Jump 280 Million Tokens
Key Takeaways
- •CryptoQuant's XRP Scarcity Index for Binance rose to roughly 2.1 on November 5, its highest reading since 2022, after spending September and October below zero.
- •Binance's XRP holdings climbed from 2.35 billion tokens on November 3 to 2.63 billion on November 5, an increase of about 280 million tokens.
- •The reserve buildup followed an October 29 hack in which 233.46 million XRP was drained from Binance within five minutes, with analyst Amr Taha attributing the inflows to reserve restoration.
- •XRP has recorded six consecutive lower weekly highs since peaking at $1.6581 in the week of September 21 and has closed below its 50-week EMA, now at $1.4838, for 52 straight weeks.
- •A weekly close above the 200-week EMA at $1.3704 would be the first indication that the newly landed supply is being absorbed by sustained buying demand.
Ripple XRP traders received two contrasting signals from Binance on Thursday, November 5. CryptoQuant placed the exchange's XRP Scarcity Index at its highest level since 2022, while Binance's XRP reserves jumped by 280 million tokens in two days. One reading suggests XRP is becoming harder to find on the exchange; the other shows Binance has just taken in far more of it.
The scarcity index rose to roughly 2.1 after spending September and October below zero. Over the same stretch, Binance's XRP holdings climbed from 2.35 billion tokens on November 3 to 2.63 billion on November 5, according to findings by CryptoQuant contributor Amr Taha.
CryptoQuant highlighted the development in a post on X on November 5:
XRP Binance Scarcity Index Hits Highest Level Since 2022
"This signals growing scarcity of ripple:native on the exchange and a decline in the amount of supply available for trading compared with previous periods." – By @ArabxChain
Link
— CryptoQuant.com (@cryptoquant_com) November 5, 2026
The timing points back to the previous week. On October 29, a hacker drained 233.46 million XRP from Binance within five minutes — roughly a tenth of the 2.35 billion tokens the exchange held by November 3 — and by Monday the stolen funds had only been split across six new wallets. XRP traded at $1.3025 on Binance at 12:55 UTC, up 2% in 24 hours.
That raises the question of whether XRP is genuinely becoming scarcer, and whether the weekly chart supports that reading.
What CryptoQuant's Data Shows
The data indicates that less XRP is immediately ready to trade on Binance even as the exchange's total holdings grow, because the two readings measure different things. Reserve and flow metrics like these are staples of on-chain analysis, since tokens held on an exchange are the ones positionally available for trading, and shifts in that pool are how analysts track where supply sits after events such as the October 29 theft.
The scarcity index, flagged by CryptoQuant contributor Arab Chain, tracks how much XRP is immediately available for trading on Binance. A high reading means that pool is thin. Arab Chain added that any price effect still depends on buying demand and liquidity.
One caveat applies: 2.1 is an index value, not a share of supply. It does not mean that only 2.1% of XRP is left on the exchange.
The reserve data, compiled by Amr Taha, shows where the coins went. Net flows from large transfers swung from minus 226 million XRP on October 29 — the day of the hack — to plus 273 million on November 4. Taha tied the jump to Binance restoring its reserves after the theft. CryptoQuant has not confirmed where the new coins came from.
The numbers line up. Binance added about 280 million XRP in two days, slightly more than the 233.46 million the hacker took. Whether any of those coins end up for sale remains the open question, and the weekly chart is where it would show first.
XRP Price Analysis: What the Weekly Chart Says
On the weekly chart, XRP is being squeezed. Every weekly high since late September has been lower than the one before, while the lows keep landing between $1.20 and $1.26.
The sequence began in the week of September 21, when XRP topped out at $1.6581. This week's high of $1.3414 marks the sixth consecutive lower weekly high.
The longer-term trend is heavier still. XRP has closed below its 50-week EMA — now at $1.4838 — for 52 straight weeks, a full year dating back to the week of November 10, 2025.
The 200-week averages frame the middle ground:
- 200-week SMA at $1.2841: last week closed at $1.2507, just beneath it. This week is back above, for now.
- 200-week EMA at $1.3704: the first meaningful ceiling above the price, and close to the level where the lower-high streak would break.
- 20-week EMA at $1.3273: XRP sits a few cents below it.
August demonstrated how quickly conditions can shift. In the week of August 17, XRP swung 72% from $0.9882 to $1.6999 and closed at $1.5204.
The scarcity spike only matters for the chart if it shows up as buying. A weekly close above $1.3704 would be the first sign, and the 50-week EMA — untouched by a weekly close for a year — would be the real test.
Until then, XRP stays in its squeeze, and the 280 million XRP that just landed on Binance is the supply to watch.
Source: 99Bitcoins
