- Binance and Upbit have recorded a combined decline of about 228 million XRP since May.
- Binance’s XRP reserves fell more than 6%, reaching their lowest level since March 2026.
- Upbit also hit its lowest reserve level since April despite holding the largest tracked XRP balance.
XRP reserves held on two of the crypto market’s largest exchanges have fallen to multi-month lows, according to fresh on-chain data shared by CryptoQuant analyst Amr Taha. The combined decline across Binance and Upbit totals roughly 228 million XRP, highlighting a notable reduction in exchange-held balances over the past several weeks.
Although declining reserves often suggest that coins are leaving exchanges, the movement alone does not confirm accumulation or guarantee higher prices. Analysts instead view reserve trends as one piece of the broader liquidity picture, with future demand likely determining whether the reduced supply has any lasting market impact.
Binance Records the Largest Reserve Decline
CryptoQuant data shows Binance experienced the sharpest reduction among the major exchanges tracked. XRP reserves on the platform dropped from approximately 2.78 billion XRP on May 12 to around 2.61 billion XRP by July 2.
That represents an outflow of nearly 170 million XRP, or more than 6%, leaving Binance with its lowest recorded XRP reserve since March 2026.
The multi-exchange reserve chart also shows Binance’s holdings trending steadily lower throughout June rather than falling in a single event. Meanwhile, XRP’s market price remained relatively stable during the same period, suggesting the reserve decline was not accompanied by heavy spot selling on the exchange.
A sustained decline in exchange balances can reflect withdrawals into private wallets, transfers between trading venues, or institutional custody movements. However, on-chain reserve data does not identify the exact destination of those tokens.
Related: XRP Price Prediction: Can XRP Stay Above $1 as ETF Outflows Hit Back to Back
Upbit Also Falls to a Multi-Month Low
Upbit followed a similar path, although the magnitude of its decline was smaller. Its XRP balance decreased from roughly 6.515 billion XRP at the end of May to approximately 6.457 billion XRP on July 2, removing about 58 million XRP from the exchange.
Despite that reduction, Upbit continues to hold the largest XRP reserve among the exchanges monitored. Consequently, even relatively modest balance changes can influence the broader picture of exchange liquidity.
Notably, the reserve decline was not consistent across every Korean trading platform. Bithumb maintained holdings near 1.84 billion XRP during the same period, indicating that the withdrawals were concentrated on selected exchanges rather than reflecting a market-wide trend.
Together, Binance and Upbit account for about 228 million XRP, leaving tracked exchange balances since May. While shrinking reserves may reduce immediately tradable supply, analysts caution that stronger spot demand and improving liquidity conditions would still be needed before the trend can translate into a sustained bullish signal for XRP.
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