As XRP continues to climb toward its all-time high in 2025, the distribution of its circulating supply has become a focal point for market participants. According to data from Cryptoquant, over 23% of the 57.49 billion XRP in circulation is held across 11 centralized exchange platforms. The top 10 wallets collectively control 41.04% of the supply, with eight of those managed by Ripple, the company behind the digital asset. The ninth-largest wallet belongs to the crypto firm Uphold, holding 1.85 billion XRP, while the tenth is controlled by South Korean exchange Bithumb, securing 1.44 billion XRP.
Exchange Reserves: Upbit and Binance Lead the Pack
Cryptoquant’s data provides a detailed breakdown of exchange holdings. Bithumb holds approximately $1.5 billion worth of XRP, but its rival Upbit dominates with a reserve of 5.9 billion XRP. Binance follows with 3.02 billion coins, while Bybit controls 400.64 million. Other notable exchange balances include OKX with 243.39 million, KuCoin with 159.44 million, Bitfinex with 71.75 million, and Gate.io with 49.26 million. Bitstamp manages 35.27 million, and Bitget controls 33.85 million. Collectively, these 11 centralized exchange platforms account for 23.09% of the total XRP supply.
Liquidity Pools and Broader Concentration Metrics
Beyond exchange holdings, approximately 14.98 million XRP tokens are locked in liquidity pools, often on decentralized exchanges (DEX) or similar platforms. Further data reveals that the top 50 XRP addresses control 63.83% of the total supply, while the top 100 wallets hold 71.82%. Despite this concentration, XRP exhibits a relatively wider distribution compared to its fork, Stellar (XLM). XLM’s top 10 wallets hold 58.62% of its supply, and the top 100 accounts command an overwhelming 96.08% of Stellar lumens in circulation.
Market Implications and Contrast with Bitcoin
The clustering of XRP within centralized exchanges and a handful of large wallets underscores a critical dynamic in cryptocurrency markets: the tension between accessibility and concentrated control. Centralized platforms provide liquidity and simplify access, yet significant holdings by a small group raise questions about market power and potential manipulation risks. This starkly contrasts with the distribution pattern of more widely dispersed tokens like Bitcoin (BTC), which has a far more decentralized ownership structure. As investors and regulators analyze these trends, the evolving landscape of digital assets continues to challenge traditional notions of ownership and control, fostering new approaches to asset management and allocation.