The supply of $XRP on Binance and Upbit cryptocurrency exchanges has continued to increase, signaling low bullish conviction among traders.
Over the past 24 hours, $XRP investors deposited 53,658 tokens to Upbit, valued at $74,584 at press time. On the other hand, Binance users deposited 491,183 units, which is worth roughly $682,744 at the time of reporting.
As such, Upbit’s net holdings surged by 509,458,973 tokens, worth approximately $708 million, since February 2025. This increase means Upbit now holds 6,495,312,375 $XRP, representing 40.25% of all tokens held by crypto exchanges.
Since February 24, 2025, Binance’s reserves for this altcoin have surged by 1,762,441,979 tokens, valued at $2.44 billion, according to data shared by X user @Chachakobe4er.At the time of publication, the largest crypto exchange by average daily trading volume held approximately 2,549,987,212 $XRP, nearly 16% of the total supply on exchanges.
Consequently, with both crypto exchanges controlling the lion’s share of the altcoin’s average daily trading volume, their rising supply of reserves has intensified bearish sentiment.
$XRP price faces bearish sentiment amid rising supply on top exchanges
Amid the rising supply of $XRP into the top cryptocurrency exchanges, Finbold AI Agent – an advanced financial assistance leveraging several AI models – predicted further consolidation in a week’s time. Precisely, the Finbold AI Agent predicted that the price of this token could trade around $1.39 on May 11.
From a technical analysis standpoint, $XRP price remains trapped in a multi-month correction, based on insight shared by trading expert Egrag Crypto. This analyst believes the token could drop to $0.95 before kickstarting its next bull run towards a new all-time high (ATH).
The near-term bearish sentiment for this token could, however, be invalidated if Binance and Upbit users begin to accumulate and vice versa.
