$XRP Reserve Declines as Exchange Withdrawals Skyrocket

The price of $XRP has struggled to stay above $1 despite modest gains from its peers. Over the past month, it's down by nearly 10%. However, a significant amount of $XRP is being withdrawn from major exchanges.

A recent analysis by CryptoQuant found that reserves on Upbit, Binance, and Bithumb have fallen by roughly 240 million since late-May and early-June. This decline represents about 2.2% of the combined reserves across the three platforms.

The largest percentage decline was recorded by Binance, with its $XRP reserves dropping to 2.62 billion from 2.72 billion over the same period, a reduction of approximately 100 million, or 3.7%. Upbit remains the largest holder of $XRP among the three exchanges.