TLDR
There is no single agreed figure. Recent estimates range from roughly 1.51.6 billion XRP on exchanges to about 16 billion, depending on the data source.
- Some coverage says exchange balances are nearing 1.5 billion XRP as institutions move coins off CEXs (summary).
- Others counter that around 16 billion XRP remain on exchanges, disputing low-supply claims (analyst note).
- One tracker reports about 5.81 billion XRP removed since Feb 2025, indicating a downtrend in exchange balances (data point).
Deep Dive
1. Estimates Diverge
The low-end view argues balances have fallen near 1.5 billion as institutional vehicles and custodians absorb coins off-exchange. This narrative often cites ETF absorption and custodial migration as drivers (coverage).
A complementary datapoint suggests ETFs have absorbed roughly 750 million XRP in recent weeks, which would tighten on-exchange liquidity further if sustained (context).
If the lower figure is accurate, spot depth could be thin and marginal demand spikes would move price faster. If the higher figure is right, supply shock claims are overstated.
2. Why Numbers Differ
A key counterview says about 16 billion XRP are still on exchanges, arguing that order book liquidity is dynamic and can thicken or dry quickly as wallets move inventory in and out (analyst note).
Differences usually come from:
- Which exchanges are included and how on-exchange wallets are classified.
- Whether custodial or internal routing balances are counted.
- Timing of snapshots and data provider methodologies.
These definitional choices can swing totals by several billions, explaining the wide range seen across sources (analyst note above).
3. Trend Since February
One widely shared dataset indicates about 5.81 billion XRP have been removed from exchanges since February 2025, showing a persistent migration off CEXs (data point).
There are also extreme one-day readings that cite very large outflows, which likely reflect balance reclassification or sampling shifts rather than literal net withdrawal in a single session (same thread).
The directional trend appears lower for exchange balances, but single-day shock prints should be treated cautiously. Focus on multi-week movement rather than one-off spikes.
Conclusion
The best answer today is a range due to conflicting methodologies. Evidence supports a continuing drift off exchanges, but whether balances are near 1.51.6 billion or closer to 16 billion depends on the dataset. For decisions, rely on consistent providers across time and watch whether multi-week outflows persist. If the lower-end figures prove correct, thin liquidity could make moves more elastic. If the higher-end figures hold, supply shock narratives are weaker.
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