XRP has been hitting new price milestones in 2025, steadily climbing toward its all-time high, and on-chain data reveals a striking concentration of supply: over 23% of the circulating token stock is held across just 11 centralized exchange (CEX) platforms. According to Cryptoquant, of the approximately 57.49 billion XRP in circulation, 23.09% resides on exchanges such as Upbit, Bithumb, Binance, Bybit, OKX, KuCoin, Bitfinex, Gate.io, Bitstamp, and Bitget.
Exchange Holdings: Korean Platforms Lead
South Korean exchange Upbit holds the largest single exchange position with 5.9 billion XRP, valued at over $1.5 billion as of the latest data. Its local rival Bithumb controls 1.44 billion XRP, worth around $1.5 billion. Globally, Binance accounts for 3.02 billion XRP, while Bybit holds 400.64 million, OKX 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. Together, these 11 exchanges collectively hold more than 13 billion XRP — nearly a quarter of the total circulating supply.
Wallet Concentration: Top 100 Addresses Control 71.82%
Beyond exchange reserves, the top 10 wallets control 41.04% of all XRP. Among these, eight are managed by Ripple, the company behind XRP, while the ninth-largest wallet belongs to the crypto custody firm Uphold (holding 1.85 billion XRP) and the tenth-largest is operated by Bithumb (1.44 billion XRP). Zooming out, the top 50 addresses control 63.83% and top 100 addresses control 71.82% of the supply. A relatively small portion of XRP — roughly 14.98 million tokens — is locked in liquidity pools on decentralized exchanges (DEXs), representing a negligible share of the total.
Vs. Stellar (XLM) and Bitcoin: Distribution Contrasts
XRP's distribution profile stands in stark contrast to that of its fork, Stellar (XLM). XLM's top 10 wallets hold 58.62% of its supply, and the top 100 addresses control a staggering 96.08% of all Stellar Lumens, highlighting even greater concentration. Meanwhile, Bitcoin (BTC) exhibits a far more decentralized distribution pattern, reflecting different design philosophies and network dynamics in the crypto space.
Market Risks and Regulatory Implications
The heavy concentration of XRP on a small number of CEX platforms and wallets raises questions about market power, potential manipulation, and systemic risk. While these centralized venues provide liquidity and ease of access, they also concentrate control. As XRP continues to approach its all-time high and regulators scrutinize crypto market structures, the tension between efficient trading and decentralization remains a key theme for 2025 and beyond.