XRP’s ownership map looks concentrated. But I think the interesting part is what the labels don’t tell us.
A current rich-list snapshot puts Ripple-linked accounts at roughly 40% of total XRP, with Upbit around 6.4% and Coinbase around 5.8%. Binance is around 2.7%.
At first glance, that looks like a supply race.
I’m not sure that’s the right frame.
A huge exchange wallet isn’t necessarily an exchange betting on XRP. It can represent customer custody, internal transfers, liquidity inventory, ...