240 Million XRP Pulled From Major Exchanges Since Early Summer: Why It Matters

XRP’s struggle near $1 continues even as its peers display modest gains this week. The crypto asset went down almost 10% over the past month before it rebounded significantly on Wednesday evening.

Despite the weakness, much more XRP is being withdrawn than deposited across major platforms.

Reserves Slide According to the latest analysis shared by CryptoQuant, XRP reserves across Upbit, Binance, and Bithumb have fallen by roughly 240 million from their late-May and early-June levels, as of August 19.

South Korean giant Upbit held 6.40 billion XRP, down from 6.51 billion on May 30, which is a decline of about 110 million, or 1.7%.