Overview
- CryptoQuant data show Binance’s XRP supply ratio fell from 0.027 to 0.025 over roughly ten days, implying about 200 million tokens were withdrawn.
- On-chain analysts cite Binance’s published custody addresses to argue the flows align with user withdrawals rather than internal reallocation.
- Exchange-held XRP is trending toward multi-year lows, with one analyst citing CryptoQuant estimates that roughly 700 million XRP have left Binance since a November 2025 peak.
- Separate readings report a sharp drop in Coinbase’s XRP balances, but speculation about large institutional buying, including BlackRock, remains unconfirmed.
- Lower reserves reduce immediately available sell-side liquidity without guaranteeing price gains, as XRP trades near $1.43 with about 0.5% daily slippage and roughly $2.2 billion in 24-hour volume.