Previous reports suggested that exchanges such as Binance and Upbit recently observed billions in XRP outflows, but on-chain data shows what really occurred.
Notably, this week, the XRP community witnessed an anomaly pertaining to exchange flows across multiple top trading platforms. Specifically, several exchanges, including Binance and Upbit, reportedly saw massive outflows involving XRP, triggering speculation of looming supply shock.
XRP Saw Drop in Exchange Reserves
The Crypto Basic called attention to the development, with data provided by market analytics platform CryptoQuant indicating that the withdrawals amounted to over $12 billion worth of XRP. Data from CryptoQuant suggested that Binance saw outflows of 617 million XRP over a week, while Upbit, which allegedly witnessed the largest outflows, observed 4.989 billion XRP in withdrawals.
Besides Binance and Upbit, the trend also impacted Bybit and Bitfinex. However, in our previous report, we confirmed that an on-chain investigation of the wallets belonging to these exchanges showed no activity that reflects such large fund movements. As a result, we floated the possibility that the data could have been a glitch.
XRP Exchange Reserve Crash Was a Glitch on CryptoQuant
It appears this speculation was right. Specifically, according to recent data, CryptoQuant appears to have corrected this glitch. However, the analytics platform has not released any statement on the matter, and a request from The Crypto Basic for comments have not been granted at press time.
Notably, a look at the recent data shows that although some exchanges have actually witnessed outflows, the previous data exaggerated the extent of these outflows. For one, Binance still holds around 2.8 billion XRP, observing only about 35 million XRP in withdrawals since June 18.
XRP Ledger Exchange Reserve Binance
Moreover, the previous data suggesting that Upbit’s XRP reserves had collapsed to 1.08 billion XRP was way off. Specifically, Upbit’s reserves still contain 6.08 billion XRP as of press time, representing the largest XRP exchange balance globally. In fact, Upbit has witnessed XRP inflows since June 18, as opposed to the earlier data.
XRP Ledger Exchange Reserve Upbit
Bybit and Bitfinex Data Remains Unchanged
Meanwhile, for Bybit, its XRP exchange reserve chart still indicates a massive drop since June 15. Notably, according to data from CryptoQuant, Bybit held 326.75 million XRP on June 15. However, current data suggests the exchange now has 230.5 million XRP, suggesting that it has witnessed the withdrawal of over 96 million XRP over the past two weeks.
XRP Ledger Exchange Reserve Bybit
In addition, the Bitfinex XRP reserve chart also indicates a large drop in the exchange’s XRP balance. Bitfinex now holds 58.55 million XRP, representing outflows of 4.117 million XRP. It is unclear if these figures reflect the current reality of whether CryptoQuant has failed to correct the glitch on the Bybit and Bitfinex charts.
XRP Ledger Exchange Reserve Bitfinex
