Binance, Upbit XRP holdings drop by 228M to multi-month low

XRP holdings on Binance and Upbit have fallen to their lowest levels in several months, according to cryptocurrency analyst Amar Taha. Binance's XRP holdings decreased by 6% from approximately 2.78 billion XRP on May 12 to 2.61 billion XRP, marking the lowest level since March. South Korean exchange Upbit also saw a decline, with its holdings dropping from approximately 6.515 billion XRP on May 30 to 6.457 billion XRP on July 2, a decrease of about 58 million XRP. The total outflow from the two exchanges amounts to 228 million XRP. Taha noted that while Upbit's decrease was not large, it represents a significant change for overall exchange liquidity due to its large holdings. In contrast, Bithumb's XRP holdings remained stable at around 1.84 billion XRP, suggesting the movement is concentrated on specific exchanges rather than being a general trend across South Korean platforms. Taha explained that a decrease in exchange holdings could signify transfers to private wallets, movements between exchanges, or a reduction in the immediately tradable supply. However, he cautioned that this alone does not confirm accumulation or a bull market, adding that an actual price increase depends on sustained buying pressure and the degree to which spot market liquidity shrinks.