Price implications depended on demand, buying activity, and liquidity movements, the analysis explained. A sustained reduction in available tokens could influence the exchange’s supply-and-demand balance if buying strengthened. The analyst added: “If this trend continues, it could limit the amount of $XRP available to traders on the platform.”
Binance Reserves Rose Alongside the Scarcity Signal
Cryptoquant contributor Amr Taha placed Binance’s $XRP reserves at 2.63 billion on Nov. 5, up from 2.35 billion on Nov. 3. The 280 million $XRP increase measured total exchange holdings, a separate metric from the scarcity index.
Trading conditions also depend on order-book depth and spreads. Depth measures the amount of buy and sell orders available at different prices, showing how much trading a market can absorb. A shallow order book can experience sharp price movements when a large order arrives.
More broadly, market liquidity reflects how easily assets can be exchanged without substantial price changes. Orders close to the current price help traders execute larger transactions with less disruption. Those conditions provide a practical measure of trading availability alongside exchange balance data.
Reserve Trends and Large-Holder Activity Add Context
Historical reserve data captured a longer period: Cryptoquant contributor Darkfost’s Sept. 1 assessment put Binance’s monthly average $XRP reserves near 2.6 billion, versus 3.1 billion in November 2025. This roughly 500 million $XRP decrease accumulated across that interval. Using a monthly average smoothed shorter-term fluctuations.
Large-holder transfers offered a different perspective, with Arab Chain tracking 1.38 billion $XRP in whale withdrawals over 30 days in an Oct. 7 analysis. Whale withdrawals are transfers off an exchange by large holders. The gross total excluded deposits, so it differed from the net change in reserves.
Beyond exchange flows, Santiment counted 2,147 wallets holding at least 1 million $XRP on Nov. 3, the year’s highest tally. That measure tracked addresses crossing a balance threshold, distinct from purchase volume. The category expanded by 28 wallets over 10 days, including 18 during the final three.
