Upbit, South Korea’s largest cryptocurrency exchange, recently saw its XRP reserves shrink to about 6.43 billion tokens, the lowest amount since May. This decline comes as traders steadily pull XRP from the platform amid a broader market slump that has pushed the token down to $1.08, a sharp drop of 70% from its all-time high.
Back on May 30, Upbit held roughly 6.515 billion XRP, meaning the exchange has lost approximately 85 million tokens or about 1.3% over the span of two months. Despite this reduction, Upbit remains the biggest custodian of XRP among trading platforms, with nearly two and a half times more than Binance.
On Binance, XRP reserves have also shrunk from their March peak of around 2.8 billion to 2.6 billion by late July, representing a 7.1% decrease. In contrast, Bithumb’s XRP stash has bounced back closer to late May numbers, standing at about 1.83 billion tokens.
These trends reveal varying behaviors across exchanges: while Upbit is sitting at a multi-month low and Binance still holds less than during its spring high, Bithumb’s XRP reserves have mostly recovered. However, the data doesn’t clarify where these withdrawn tokens ended up whether they moved to personal wallets, other exchanges, or alternative channels.
Alongside these shifts in reserves, XRP’s price action signals sellers gaining the upper hand. After hitting a local peak of $1.16 on July 21, the token has declined nearly 7%, closing at $1.08 and marking several consecutive days of losses. Technical indicators like the Relative Strength Index also suggest weakening buying momentum.
With XRP struggling to maintain support levels and major platforms showing declining XRP supplies, the token faces clear selling pressure amid a tough market environment.
