As XRP surges toward its all-time high in 2025, the concentration of supply on centralized exchanges has come under renewed scrutiny. According to data from Cryptoquant, more than 23% of the 57.49 billion XRP tokens currently in circulation—approximately 13.2 billion tokens—are held across 11 major centralized exchange (CEX) platforms.
Exchange Holdings: Upbit and Binance Lead
South Korea's Upbit tops the list with a reserve of 5.9 billion XRP, followed by Binance with 3.02 billion coins. Bithumb, another Korean exchange, holds 1.44 billion XRP valued at roughly $1.5 billion. Bybit controls 400.64 million XRP, OKX holds 243.39 million, KuCoin 159.44 million, Bitfinex 71.75 million, Gate.io 49.26 million, Bitstamp 35.27 million, and Bitget 33.85 million, per Cryptoquant. Together, these 11 platforms account for 23.09% of the total supply, highlighting a significant degree of centralized custody.
Top Wallet Concentration: Ripple's Dominance
Beyond exchange holdings, the top 10 XRP wallets control 41.04% of the circulating supply—approximately 23.6 billion tokens. Eight of these wallets are managed by Ripple, the San Francisco-based fintech company behind XRP. The ninth-largest wallet belongs to Uphold, holding 1.85 billion XRP, while the tenth is controlled by Bithumb with 1.44 billion. The top 50 wallets collectively own 63.83% of the total supply, and the top 100 control 71.82%. This level of concentration, though less extreme than that of Stellar (XLM)—where the top 10 wallets hold 58.62% and the top 100 own 96.08%—is significantly higher than most major cryptocurrencies.
Comparison with Bitcoin: Two Different Paradigms
Bitcoin (BTC) stands in stark contrast. Its top 10 addresses control less than 5% of the total supply, reflecting a much broader distribution shaped by mining and retail accumulation. XRP's concentrated distribution stems partly from Ripple's control over escrowed tokens and strategic partnerships, as well as the role of exchanges as liquidity hubs. While centralized platforms provide essential market depth and ease of access, the hoarding of tokens by a small number of entities introduces risks: a single exchange hack, regulatory crackdown, or coordinated sell-off could severely destabilize prices.
Implications for Investors and Regulators
In early 2025, XRP prices exceeded $3, nearing the all-time high of $3.84 set in January 2018. The concentration of supply on exchanges and in top wallets may both support price appreciation—by limiting free float—and act as a sword of Damocles if large holders decide to liquidate. Analysts recommend monitoring exchange reserve trends and Ripple's monthly escrow unlocks, which release up to 1 billion XRP periodically. Regulators are also paying close attention: the upcoming Markets in Crypto-Assets (MiCA) framework in Europe and evolving SEC policies in the US could impose stricter requirements on exchange custody and disclosure. As the crypto market matures from its early 'wild west' phase to an era of institutional oversight, transparency and decentralization will be critical for long-term health. XRP's current distribution serves as a case study of the tensions between accessibility, liquidity, and the concentration of market power.