XRP reserves on Binance fall to lowest level since December 2022, CryptoQuant data shows
In brief
- Binance held 2.47 billion XRP as of October 30, per CryptoQuant data cited by U.Today.
- Over 220 million XRP, about 8.18%, left Binance between October 28 and October 30.
- Bybit and Bithumb posted smaller XRP reserve declines over the same period.
- Lower exchange balances don't always mean investors are accumulating XRP, U.Today said.
What the CryptoQuant data shows
The two-day slide works out to a decrease of about 8.18% in the XRP available for sale on Binance, according to CryptoQuant figures cited by U.Today. That's over 220 million XRP withdrawn between October 28 and October 30 from the world's largest exchange by volume.
Binance wasn't the only venue where balances fell. U.Today reported that the decline coincided with falling XRP balances on Bybit and Bithumb (two other major exchanges), though both recorded smaller reductions over the same period. Bybit's XRP reserves dropped from 306 million to 286 million. Bithumb's fell by 10 million XRP, from 1.847 billion to 1.837 billion, a decline of roughly 0.54%.
Binance's drop was the largest of the three.
How U.Today reads the outflows
More tokens leaving major exchanges could be interpreted as buying, U.Today said, citing the CryptoQuant data. The outlet's reasoning is simple enough: lower exchange reserves could reduce immediate selling pressure if demand remains steady, because less XRP is sitting on exchanges ready to be sold.
U.Today's read leans toward accumulation, and it comes with its own caveat. The outlet framed the outflows as a sign of buying, but it also noted that lower balances don't always mean investors are accumulating XRP. It said XRP's price hadn't yet reacted to the trend.
A weak market backdrop
The reserve data arrived while XRP's price was struggling amid a broader crypto market downturn, U.Today reported. The wider market had faced selling pressure over the preceding weeks as volatility dragged on, according to the outlet.
For now, the CryptoQuant numbers show where XRP is held (on exchanges or off them) over a 48-hour window ending October 30. On their own, they don't say why the tokens moved.
Frequently asked questions
How much XRP left Binance between October 28 and October 30?
Binance's XRP reserve fell from 2.69 billion XRP on October 28 to 2.47 billion XRP as of October 30, according to CryptoQuant data reported by U.Today. That's over 220 million XRP withdrawn, a decrease of about 8.18%, and the lowest level since December 2022.
Do falling XRP exchange reserves mean investors are buying?
Not necessarily. U.Today said tokens leaving exchanges could be interpreted as buying, and that lower reserves could reduce immediate selling pressure if demand remains steady. The outlet also noted that lower balances don't always mean investors are accumulating XRP, and that the price hadn't yet reacted.
