XRP Exchange Holdings Plummet Amidst Crypto Market Weakness

XRP exchange holdings have seen a significant decline over the past week, with a total outflow of $321 million from centralized exchanges worldwide.

According to CoinGlass data, Upbit accounted for the largest share of net outflows, at 42%, followed by Coinbase and Binance. This movement is typically seen as investors shifting assets to personal wallets rather than selling immediately, reducing sellable supply in the market.

The decline in XRP exchange holdings coincides with the cryptocurrency's price weakness, which has fallen by around 18% so far in June. Despite this, some analysts suggest that if prices regain key support levels while outflows continue, expectations for a rebound could grow.