XRP’s Exchange Tank Is Brimming as Leverage Takes a Breather

CryptoQuant’s reserve data show XRP exchange reserves climbed to 11.81 billion tokens, the 99th percentile of the past year and the highest point in its one-year comparison. XRP is trading at the $1.30 price level as traders monitor whether $1.25 holds, with a break below that level putting $1.00 in focus.

Exchange reserves include tokens held in wallets controlled by trading platforms, where they are more readily available for trading than assets held in private wallets or cold storage. Deposits increase exchange-held supply, while withdrawals to private wallets reduce the quantity immediately available on platforms. Subsequent data will show whether the 11.80 billion balance continues to climb or begins to fall.

The direction of flows matters alongside the reserve level. Elevated reserves can weigh on price when holders sell into bids, particularly near a contested support zone. A sustained reserve decline would ease that supply concern, while continued growth would keep the overhang in view.

XRP leverage has reset in parallel. Binance XRP open interest stood at approximately $412 million on October 20, down from $453 million on October 17.