cryptopotato.com
$XRP’s struggle near $1 continues even as its peers display modest gains this week. The crypto asset is down by almost 10% over the past month.
Despite the weakness, much more $XRP is being withdrawn than deposited across major platforms.
Reserves Slide
According to the latest analysis shared by CryptoQuant, $XRP reserves across Upbit, Binance, and Bithumb have fallen by roughly 240 million from their late-May and early-June levels, as of August 19. South Korean giant Upbit held 6.40 billion $XRP, down from 6.51 billion on May 30, which is a decline of about 110 million, or 1.7%.
The figures for Bithumb fell to 1.82 billion from 1.85 billion on June 2, a decrease of roughly 30 million, or 1.6%. Meanwhile, Binance recorded the largest percentage decline, with its reserves for the token dropping to 2.62 billion from 2.72 billion over the same period, which translates to a reduction of approximately 100 million $XRP, or 3.7%.
Combined reserves across the three exchanges decreased from about 11.08 billion to 10.84 billion, representing a decline of roughly 2.2%. Despite the overall reduction, Upbit remains the largest holder of the crypto asset among the three exchanges. In fact, Upbit and Bithumb together hold about 8.22 billion $XRP and account for nearly 76% of the reserves tracked across the three platforms.
The falling exchange reserves come as wallet activity across major exchanges turns more focused on withdrawals. As recently reported by CryptoPotato, Coinbase recorded a seven-day net wallet count of -14,300 as of August 18. The exchange accounted for 47.3% of the total absolute imbalance, its highest share since July 2024.
Binance posted a net wallet count of -3,270, while Crypto.com recorded -2,680. Both exchanges moved into negative territory on July 18, almost a week after Coinbase. Binance’s share of the overall imbalance also rose from nearly zero on July 16 to around 10%. Upbit, however, saw its share fall to about 12% from 40% in June.
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Whale Activity
The asset’s weak price performance has not stopped large transactions from picking up on the $XRP Ledger. Data shared by crypto analyst Ali Martinez revealed that transactions worth more than $1 million jumped 280% in a single day and reached nearly 40, compared with around 10 during each of the previous two days.
The spike came shortly after wallets holding between 10 million and 100 million $XRP accumulated about 72 million tokens in one day.
Network activity has also picked up, as the ledger recorded nearly 50,000 active addresses over a 24-hour period last week. Despite the rise in activity, social sentiment around $XRP fell to a three-month low.