Reports uncover the leading cryptocurrency exchanges holding significant amounts of XRP, with volumes estimated at 1-3 billion units.
In a recent X post, the account @XRPwallets has shed light on the distribution of XRP holdings among the top cryptocurrency exchanges. According to the account, the three crypto trading platforms that hold a significant amount of XRP are Binance, Upbit, and Bithumb, each holding from one to five billion XRP.
Upbit currently holds five billion XRP, making it the exchange with the highest amount of XRP among the three largest exchanges. However, @XRPwallets predicts that this will change soon, suggesting that the XRP held by Upbit will be moved to another location.
Binance is another platform that holds a substantial amount of XRP. The exact identities of these three largest exchanges holding XRP are not disclosed in the paragraph.
Coinbase, another top exchange, has been draining its XRP holdings as per the data source. The number of Coinbase wallets holding XRP has decreased from 52 to 6 over the past month. @XRPwallets suggests that this decrease is due to a partnership between Coinbase and BlackRock's company Aladdin.
The account also previously focused on Coinbase's XRP wallets and has discussed XRP wallets belonging to large cryptocurrency exchanges. However, the source of the data and the account's information remains unspecified in the provided paragraph.
It's worth noting that other top 10 exchanges on a previously published list hold 300 million XRP or less each. This indicates a significant concentration of XRP holdings among the three largest exchanges.
The exact destination of the XRP transferred from Coinbase and Upbit remains unclear. Another possibility is that the funds went into Exchange-Traded Funds (ETFs) or other investments.
This development underscores the growing institutional interest in cryptocurrencies, specifically XRP, and how it provides institutional clients exposure to the crypto market. As more information becomes available, it will be interesting to see how this trend evolves.
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