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An XRP community pundit stressed that XRP rarely makes small moves when its supply tightens, and current market data suggests that supply is tightening now.
The Next XRP Move
Market commentator XFinanceBull said this while speaking on disclosures surrounding XRP’s available supply from Mullen, another community figure. For context, despite the ongoing price struggles that have kept XRP below the $2.2 mark, data shows that the XRP supply may be shrinking considerably.
After reviewing the current market data as well as Mullen’s disclosures, XFinanceBull emphasized that XRP rarely makes small moves when supply dries up.
He said tightening rich-list concentrations and shrinking exchange balances usually lead to strong market swings. He believes XRP now sits in one of those moments, and expects the broader public to understand the full impact only after the next major move plays out.
Declining XRP Exchange Supply
For context, Mullen had explained on X that fresh on-chain data showed one of the sharpest and most coordinated drops in XRP balances across major exchanges.
He noted that Upbit lost 6.22 billion XRP, Binance saw 2.56 billion XRP move out, and Bithumb recorded a decline of 1.77 billion XRP. However, this may not be completely accurate, as the data suggests Upbit lost more XRP than it holds in balance.
He added that Uphold, eToro, Bybit, and Bitbank each saw their balances fall by about half. According to him, these steep reductions point to users withdrawing their funds, shifting to self-custody, or exchanges reorganizing wallets and cold storage. He also suggested that the market could be going through a large on-chain reshuffle.
However, Mullen pointed out a few exceptions. For instance, Evernorth, the XRP treasury firm, increased its balance by 13.36%. Also, Coincheck gained 550 million XRP, which marked a 37,746% rise, and OKX posted an unusual 10,107% jump, which could be due to a possible wallet reclassification.
Meanwhile, Coinbase’s XRP balance has dropped 99.97% since February, and KuCoin, Paribu, and SwissBirg have all seen their balances fall to zero.
Mullen said the combined balance across all tracked exchanges now stands at 15.86 billion XRP, down 6.5 billion XRP, or 29.07%, since February. He suggested that this sharp contraction shows that XRP liquidity is going through a major shift. Nonetheless, this remains unconfirmed.
XRP Rich List Shows Mixed Flows
In a follow-up update, the market pundit called attention to similarly bullish indicators from the XRP rich list. He reported that the top 10,000 wallets now hold more than 51.39 billion XRP, and noted that fresh whale activity continues to show growing interest.
According to him, 78 new accounts picked up more than 77 million XRP in one day, while 246 existing wallets added another 17.9 million XRP. At the same time, 78 large wallets emptied their balances and released more than 108 million XRP back into the market.
Mullen said this movement shows rotation among major holders rather than an exit, and he believes large investors are quietly adjusting their positions before a major market move.
In addition to this, ETF inflows have added even more pressure on supply. XRP ETFs recently became the second fastest, behind Bitcoin, to pass $800 million in net inflows. Current data shows the active products now hold $874.28 million in inflows since Nov. 13, equal to more than 401 million XRP at the current price of $2.18.