As XRP approaches new price milestones in 2025, nearing its historic peak, on-chain data reveals a striking concentration: more than 23% of the digital asset's circulating supply—roughly 13.2 billion XRP—is held across just 11 centralized exchange (CEX) platforms. According to Cryptoquant data, this concentration underscores the pivotal role exchanges play in liquidity provision while also highlighting potential risks associated with centralized control.
Exchange Breakdown: Upbit, Binance Lead Holdings
As of this writing, the circulating supply of XRP stands at 57.49 billion tokens. The top ten wallets collectively control 41.04% of this supply. Among them, eight wallets are managed by Ripple, the ninth-largest belongs to crypto custody firm Uphold (holding 1.85 billion XRP), and the tenth is controlled by South Korean exchange Bithumb (1.44 billion XRP). Cryptoquant data further details Bithumb's total XRP holdings valued at approximately $1.5 billion. Its rival Upbit maintains a reserve of 5.9 billion XRP; Binance accounts for 3.02 billion; Bybit controls 400.64 million; OKX holds roughly 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. These 11 CEX platforms collectively represent 23.09% of total XRP supply.
Concentration Beyond Exchanges: Liquidity Pools and Whale Wallets
Beyond CEX holdings, approximately 14.98 million XRP tokens are locked in liquidity pools on decentralized exchanges (DEX) or similar venues. Data also reveals that the top 50 XRP addresses control 63.83% of the total supply, while the top 100 wallets account for 71.82%. Despite this high concentration, XRP shows broader distribution compared to its fork Stellar (XLM). For XLM, the top ten wallets hold 58.62% of its supply, and the top 100 control an overwhelming 96.08% of circulating lumens.
Implications: Centralization vs. Accessibility
The clustering of XRP within a handful of exchanges and whale wallets highlights a critical dynamic in cryptocurrency markets: the tension between accessibility and concentrated control. Centralized platforms provide essential liquidity and simplify entry for retail and institutional investors, yet the significant holdings by a small group raise questions about market power, potential manipulation, and systemic risk. This distribution pattern contrasts starkly with more widely dispersed assets like bitcoin (BTC), which exhibits a more decentralized ownership structure. As regulators and investors analyze these trends, the evolving crypto landscape continues to challenge traditional notions of ownership and control, fostering new approaches to asset management and allocation.