As XRP reaches new price milestones in 2025, drawing closer to its historic peak, a considerable share of the digital asset resides on centralized exchange (CEX) platforms. According to data from CryptoQuant, over 23% of the 57.4 billion tokens in circulation are held across 11 major trading platforms. This concentration highlights the tension between accessibility and centralized control in the cryptocurrency market.
Exchange Holdings: Binance and Upbit Lead
Data reveals that South Korean exchange Upbit holds 5.9 billion XRP (worth approximately $1.5 billion), followed by Binance with 3.02 billion, Bithumb (the tenth-largest wallet) with 1.44 billion, Bybit with 400.64 million, OKX with 243.39 million, KuCoin with 159.44 million, Bitfinex with 71.75 million, Gate.io with 49.26 million, Bitstamp with 35.27 million, and Bitget with 33.85 million. Collectively, these 11 exchanges control 23.09% of the total XRP supply.
Top Wallets: Ripple Dominates, Uphold and Bithumb in Top Ten
The top ten wallets hold 41.04% of XRP's circulating supply. Among them, eight are managed by Ripple, the ninth-largest wallet belongs to the San Francisco-based crypto firm Uphold (holding 1.85 billion XRP), and the tenth-largest wallet is controlled by Bithumb (1.44 billion XRP). Furthermore, the top 50 accounts control 63.83% of the supply, while the top 100 accounts account for 71.82% of the 57.4 billion circulating tokens.
Comparison with Stellar (XLM) and Bitcoin
In contrast, XRP's fork Stellar (XLM) shows even higher concentration: the top ten wallets hold 58.62% of its supply, and the top 100 accounts manage a staggering 96.08%. While XRP exhibits broader distribution than XLM, it remains far more concentrated than Bitcoin (BTC), which is known for its widely dispersed ownership. This disparity underscores different strategic approaches within the crypto ecosystem.
Market Implications and Risks
Centralized platforms play a vital role in providing liquidity and simplifying access, yet the significant holdings by a small group raise questions about market power, potential manipulation, and systemic risks. As both investors and regulators analyze these trends, the evolving realm of digital assets continues to challenge traditional ideas of ownership and control, fostering new approaches to asset management and allocation. The clustering of XRP within exchanges and a handful of large wallets will likely remain a key focus in 2025 and beyond.