Recent data shows a significant rise in XRP reserves held on cryptocurrency exchanges, even as the asset’s price continues to lag behind previous highs.
Analyst observations on XRP reserves
Crypto analyst BankXRP, a prominent commentator in the XRP community, reported that XRP exchange reserves are increasing, a trend that could influence future price movements. The figures, sourced from CryptoQuant, span from November 2025 through November 2026 and provide a breakdown for all exchanges collectively, as well as Binance individually.
Over the 12-month period, reserves across all exchanges rose from around 11.4 billion to approximately 11.8 billion XRP, reaching the 99th percentile over the one-year horizon. After a noticeable decline in early 2026, reserves rebounded and now sit at their highest point in the year.
Binance, the world’s largest cryptocurrency exchange, showed a parallel development but with unique characteristics. Starting at nearly 2.85 billion XRP in late 2025, Binance holdings fell to about 2.55 billion by February 2026. Since then, reserves gradually recovered, stabilizing between 2.60 and 2.65 billion XRP.
| Metric | Nov 2025 | Feb 2026 | Nov 2026 |
|---|---|---|---|
| All Exchanges Reserves (XRP) | 11.4 billion | ~11.6 billion | 11.8 billion |
| Binance Reserves (XRP) | 2.85 billion | 2.55 billion | 2.60-2.65 billion |
| XRP Price (USD) | ~$2.00 | Below $1.00 (Aug) | ~$1.30 |
Despite rising reserves, XRP’s price did not show a similar upward momentum. The asset traded near $2 in late 2025, briefly surged in early 2026, but then entered a prolonged decline, falling below $1 in August before recovering to around $1.30 by November. This divergence between supply on exchanges and price has drawn the attention of traders and analysts alike.
Crypto analyst BankXRP has drawn attention to the rise in XRP held on exchanges, noting, “That means more XRP is sitting on exchanges, which could add selling pressure if those coins start moving. Price isn’t exactly helping either. Something I’m watching closely.”
Concerns about market dynamics
When reserves at exchanges increase, more tokens become available for potential sale. BankXRP pointed out that this situation could result in elevated selling pressure if large quantities of XRP are transferred off exchanges into the market. Such an overhang may cap price recoveries or accelerate declines if sentiment worsens.
The combination of a growing reserve and sluggish price action has raised concerns among observers. Greater available supply on exchanges often means selling can happen quickly, preventing further gains if there is insufficient demand.
Community questions data reliability
Moon Lambo, another recognized voice in the XRP community, questioned the CryptoQuant data, presenting alternative figures. According to his independent analysis, XRP reserves across exchanges stood near 21 billion—a number he stated “has been hovering around there for a very long time.” His data, showing about 20.96 billion XRP, implied a minimal drop of just 0.04%.
BankXRP acknowledged the data discrepancy may be due to “their API not working,” opening the door for further scrutiny of exchange reserve metrics. Disagreements over data accuracy highlight the complexities of blockchain monitoring and the need for reliable analytics.
A separate commenter criticized some influencers who have argued a supply shock is imminent, stating that a substantial amount of XRP is still present on exchanges. This viewpoint challenges narratives anticipating a dramatic reduction in available coins.
Mini dictionary: CryptoQuant is a blockchain analytics platform that provides on-chain and market data for cryptocurrencies, offering insights into reserve balances, inflow and outflow data, and trading activity across major exchanges.
