XRP Exchange Reserves Show Divergence Across Upbit, Binance, and Bithumb, CryptoQuant Data Reveals
Key Takeaways
- •Upbit currently holds approximately 6.43 billion XRP, its lowest reserve level since May and about 2.47 times the amount held on Binance.
- •Binance's XRP reserves stood at roughly 2.60 billion as of July 24, approximately 7.1 percent below its March peak of about 2.80 billion.
- •Bithumb reported XRP reserves of approximately 1.83 billion, a level near its late-May holdings.
- •CryptoQuant emphasized that reserve changes on Upbit and Bithumb are important indicators for assessing XRP's exchange-sourced liquidity structure.
- •The analytics firm warned that declining reserves do not necessarily indicate XRP is being moved to personal wallets.
Cryptocurrency analytics firm CryptoQuant has reported a notable divergence in XRP reserves across major exchanges, highlighting shifting liquidity patterns on three of the largest platforms handling the token.
Upbit, South Korea's dominant cryptocurrency exchange by trading volume, currently holds approximately 6.43 billion XRP, marking its lowest reserve level since May. The exchange's reserves had peaked at roughly 6.515 billion XRP on May 30. Since that peak, Upbit's XRP balance has declined by approximately 85 million XRP, representing a 1.3 percent decrease.
Despite the decline, Upbit's XRP reserves remain elevated compared to other major exchanges analyzed. Current data indicates that Upbit holds approximately 2.47 times the amount of XRP held on Binance, the world's largest cryptocurrency exchange by overall trading volume. This disparity underscores the outsized role that South Korean trading platforms have played in XRP markets, where retail participation has historically been a significant driver of spot activity.
Binance's XRP reserves stood at approximately 2.60 billion XRP as of July 24. This figure is roughly 200 million XRP, or about 7.1 percent, below the 2026 peak of approximately 2.80 billion XRP recorded on March 17.
Bithumb, another major South Korean exchange, reported XRP reserves measured at approximately 1.83 billion XRP, a level close to the reserve amount the exchange recorded on May 30.
Taken together, the data reveals a significant divergence among the three exchanges. Upbit's reserves have fallen to a multi-month low, Binance remains below its March peak, and Bithumb has returned to its late-May levels. Exchange reserve levels are commonly tracked by crypto analysts as one gauge of how much of a token is readily available for trading on centralized platforms, though shifts can reflect a range of behaviors including transfers between venues.
CryptoQuant noted that given Upbit and Bithumb's relatively high XRP holdings among the exchanges examined, changes in reserves on these platforms serve as important indicators for evaluating XRP's exchange-sourced liquidity structure.
However, the analytics firm cautioned that the decrease in reserves does not necessarily indicate that XRP is being withdrawn to personal wallets.
