South Korea's XRP Reserves Plummet as Exchanges Show Divergent Trends

CryptoQuant's data reveals a notable divergence in XRP reserves across major South Korean exchanges. Upbit's XRP reserves have fallen to their lowest level since May, decreasing by approximately 85 million XRP or 1.3 percent from its peak on May 30th.

The exchange currently holds approximately 6.43 billion XRP, still a high amount compared to other major exchanges. This is approximately 2.47 times the amount of XRP held on Binance, which stands at around 2.60 billion XRP as of July 24. However, Binance's reserves remain below their peak in March.

CryptoQuant notes that changes in reserves on Upbit and Bithumb offer important indicators for evaluating XRP's exchange-sourced liquidity structure. However, the company also clarifies that a decrease in reserves does not necessarily mean that XRP is being withdrawn from personal wallets.