XRP Reserves Plummet on Upbit Amid Exchange Divergence

CryptoQuant has reported a divergence in XRP reserves across major exchanges. Upbit's XRP reserves have fallen to their lowest level since May, dropping by approximately 85 million XRP or 1.3 percent since its peak on May 30th. The exchange now holds around 6.43 billion XRP.

Upbit still holds significantly more XRP than Binance, with a reserve of about 2.47 times the amount held on Binance. However, Binance's reserves have not reached their March peak, standing at approximately 2.60 billion XRP as of July 24, which is 200 million XRP or about 7.1 percent below its peak.

Bithumb's XRP reserve was measured at around 1.83 billion XRP, close to the amount recorded on May 30th. This significant divergence among exchanges could be an indicator of changes in XRP's exchange-sourced liquidity structure.