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XRP exchange reserves climbed to approximately 11.81 billion tokens, a level sitting at the 99th percentile over the trailing 365 days, according to on-chain figures from CryptoQuant. The buildup expanded available sell-side liquidity as XRP trades in the $1.28–$1.35 band.

The supply increase did not arrive in isolation. Binance open interest closed down roughly 15.8% from earlier in the month, with long liquidations spiking during the same stretch. Analyst CryptoOnchain flagged the divergence, noting that leverage has reset faster than exchange supply, clearing out leveraged longs before reserves peaked.

Structural demand factors remain on the table. Evernorth has assembled a 473 million XRP treasury, and spot XRP ETFs have recorded $1.8 billion in inflows. Net flows drawing down reserves could offset the supply build if spot demand reasserts itself.

The combination leaves XRP at a near-term crossroads defined by competing forces: rising on-exchange supply historically pressures price, while a freshly deleveraged market can clear the path for spot-driven moves. Whether the 11.81 billion figure marks a distribution pivot or an absorption opportunity will depend on the flow data in the sessions ahead.