XRP Reserves on Upbit Slide to Lowest Since May as Exchanges Diverge

XRP is draining off Upbit. South Korea's largest exchange now holds about 6.43 billion XRP, its lowest reserve since May, according to analytics firm CryptoQuant. The move is small on its own. What makes it worth watching is the split it exposes across the three venues that hold the most XRP.

Upbit thins out

Upbit's stash peaked near 6.515 billion XRP on May 30. Since then it has shed roughly 85 million XRP, a decline of about 1.3 percent. Modest, yes. But Upbit still towers over its rivals: it holds around 2.47 times as much XRP as Binance, which keeps it central to any read on where the token's liquidity actually lives.

Binance still below March

Binance tells a different story. Its XRP reserves sat at about 2.60 billion as of July 24, roughly 200 million below the 2026 high of 2.80 billion set on March 17. That is a 7.1 percent gap, and the exchange has not closed it. Bithumb, the third venue in CryptoQuant's data, held about 1.83 billion XRP, close to where it stood on May 30.

Three exchanges, three trajectories. Upbit at a multi-month low, Binance stuck under its spring peak, Bithumb back at the end of May. The balances are not moving in step.

The liquidity read

CryptoQuant frames Upbit and Bithumb's large holdings as a useful gauge of XRP's exchange-sourced liquidity, the supply that can hit the market quickly. When those balances shrink, less token is sitting ready to sell.

There is a caveat, and CryptoQuant stated it plainly. A falling reserve does not necessarily mean XRP is being pulled into personal wallets. Coins can move between platforms or change hands in ways the exchange totals alone cannot explain. The number that stands out is Upbit's 6.43 billion, and the next one to watch is whether it keeps sliding.