XRP Reserve Exodus: Binance and Upbit Bleed Over 228 Million Tokens

XRP exchange reserves have plummeted to multi-month lows on Binance and Upbit, with over 228 million tokens leaving their platforms in recent weeks. According to CryptoQuant data, Binance's XRP reserves dropped from approximately 2.78 billion tokens on May 12 to 2.61 billion by July 2, a decline of more than 6%. This marks the lowest level of XRP reserves held by Binance since March.

Upbit, which holds the largest tracked XRP reserve among exchanges, saw its balance decrease from around 6.515 billion tokens on May 30 to 6.457 billion by July 2. While this represents a smaller percentage decline than Binance's, it still signifies a significant reduction in reserves.

Meanwhile, Bithumb, another Korean exchange, remained relatively unchanged, with its XRP reserves holding steady at around 1.84 billion tokens throughout the same period. This contrast highlights that the withdrawal pattern is concentrated rather than widespread across exchanges.

The reserve decline has sparked mixed reactions in the market. While some view lower reserves as bullish, indicating potential accumulation and a higher price, others caution that reserve declines alone do not confirm accumulation or promise a higher price. Additionally, XRP's monthly RSI has dropped to its most oversold reading on record, further complicating the outlook.