$XRP
Over the past week, cryptocurrency exchanges have seen a massive $12.4 billion worth of XRP withdrawn from their reserves. That’s a total of 5.736 billion XRP tokens gone since June 18, nearly 10% of all the XRP currently in circulation, which stands at about 58.9 billion. The pace and size of this outflow are striking.
At the top of the list is South Korea’s Upbit, which previously held the largest XRP reserves among centralized exchanges but has now suffered the biggest loss in reserve value.
CryptoQuant data reveals the dramatic extent of XRP outflows. Upbit’s reserves plunged from 6.069 billion XRP on June 18 to only 1.08 billion, a big drop of nearly 5 billion tokens. Binance wasn’t spared. Its XRP stash fell by 617 million, going from 2.855 billion to 2.238 billion. Other platforms felt the ripple effect. Bybit lost approximately 127 million XRP, while Bitfinex experienced a significantly smaller decline of just 3.15 million tokens.
This has sparked conversation among analysts and crypto enthusiasts. Analyst Mr. Xoom pointed to the large withdrawals from Upbit and Binance as a possible indicator of a looming supply squeeze.
Remi Relief responded to the data and posted , “I’ve been telling you guys… stash your XRP. Get it off the exchanges. Supply Shock Incoming…$25–$75 XRP.” It is still unclear whether this massive shift, particularly Upbit’s 4.98 billion XRP exit, was caused by a technical glitch, a rebalancing effort, or users moving funds to cold storage in anticipation of a market shift.
Meanwhile, derivatives data offers further insight into market sentiment. Over the past week, trading volume has taken a sharp hit, dropping by 56.82% to $4.11 billion. Open interest has inched up by 1.09%, reaching $3.79 billion, suggesting that traders might be holding their positions rather than actively buying or selling.
The options market tells a similar story: while options volume has plunged by over 53% to just $1.66K, the open interest in those options has jumped by 20.83%, now standing at $673.27K.
