Binance XRP Reserves Plummet by 57 Million Tokens

Binance's XRP reserves have taken a significant hit over the past three days. The exchange held approximately 57 million fewer XRP on September 30 compared to its peak of 2.70 billion on September 27. This decline represents a reversal of more than half of the reserve increase since September 13, when Binance held around 2.60 billion XRP.

The drop in reserves is accompanied by substantial daily XRP outflows, with transactions exceeding 320 million over the past three days. In August, a similar spike coincided with XRP's price rising from $1.05 to $1.50, marking a gain of more than 42%.

Derivatives activity on Binance has also declined during this period. Open interest in XRP futures reached its highest point of the year at $616.1 million on September 22 but dropped to $521.5 million by September 29, representing a decline of 15.3%. Long liquidations averaged around $3.72 million per day from September 24 to 29, which is about 2.6 times the six-month daily mean.