Binance’s reserves of XRP, the XRP Ledger’s native asset, fell by 220 million tokens in two days, reaching their lowest point since December 2022, while a separate security breach left the cause of the decline unestablished.
CryptoQuant’s data put Binance’s reserve balance at 2.69 billion XRP on Oct. 28 and 2.47 billion on Oct. 30, a drop of 8.18%. At 1:04 a.m. ET (5:04 a.m. UTC) on Oct. 31, Binance’s price page listed XRP at $1.24, down 0.81% over 24 hours.
CryptoQuant also recorded reserve declines at Bybit and Bithumb over the same two-day period, while Upbit’s balance increased by 20 million XRP. In a post on CryptoQuant, analyst Amr Taha wrote that lower exchange reserves could leave less XRP readily available for trading and potentially ease selling pressure.
Binance said its hot wallets were compromised at about 4:05 p.m. ET (8:05 p.m. UTC) on Oct. 29, with estimated losses of about $6.3 billion in token assets. The exchange temporarily suspended withdrawals during security reviews and said it would cover losses through its Secure Asset Fund for Users and corporate treasury. Binance did not link the incident to the reserve change, and CryptoQuant did not identify what caused the decline.
U.S. spot XRP exchange-traded funds recorded an $8.4316 million net inflow on Oct. 29, followed by an outflow of about $496,500 on Oct. 30, SoSoValue data showed. The two daily readings moved in opposite directions and do not establish the week’s overall flow.
CoinGape reported that market analyst Muthoni Mary interpreted XRP’s four-hour chart as showing a bear flag. Her analysis said a fall below support near $1.20 could bring $1.16 into view, while a move above $1.28 would invalidate the setup. Those levels are conditional scenarios from the chart analysis.
Binance said it plans to publish updated Proof of Reserves by Nov. 2.
