In a recent discussion on X, crypto analyst and wallet tracker @XRPwallets delved into the holdings of XRP across major cryptocurrency exchanges, highlighting significant changes over the past month. Previously concentrating on Coinbase’s wallets, the analyst provided an updated overview of XRP reserves across various platforms, revealing that Binance, Upbit, and Bithumb are the dominant players in holding Ripple-affiliated XRP.
According to the account, these three exchanges maintain XRP reserves ranging from one to several billion coins, with Upbit reportedly holding around five billion XRP. In contrast, other exchanges noted in the analysis hold considerably less, with most of them maintaining XRP amounts below 300 million.
Recent patterns indicate a dramatic reduction in Coinbase’s XRP holdings, which have plummeted from 52 wallets down to just six within a month. This substantial decrease is believed to be a direct consequence of Coinbase’s new partnership with BlackRock’s Aladdin platform, which facilitates crypto exposure for institutional clients. The analyst speculated that the XRP drained from Coinbase, estimated to be around one billion, may have been redirected into various investments, including potentially ETFs.
The analysis pointed out that other exchanges have also seen a decline in their XRP holdings, reinforcing a trend among major trading platforms to adjust their XRP assets. With Upbit’s current five billion XRP stored, @XRPwallets predicted potential shifts in these assets soon, suggesting that they might be withdrawn for other purposes.
Overall, the insights shared by @XRPwallets paint a picture of a significant reshuffling of XRP assets among cryptocurrency exchanges, driven by strategic partnerships and changing market conditions.
