XRP reserves on Binance have quietly fallen to near-record lows just as the first US spot ETFs begin trading, on-chain data from CryptoQuant and analysis by Darkfost show.

Binance’s XRP Exchange Reserves Drop Sharply

A CryptoQuant chart of “Exchange Reserve – Binance” plots the exchange’s holdings sliding from a little above 3 billion XRP in early October to roughly 2.7 billion tokens by November 24. The line starts around 2.925 billion tokens in mid-August, climbs toward 3 billion through September and early October, then reverses into a near-continuous downtrend.

Darkfost distills the move bluntly: “XRP Reserves on Binance are plummeting.” Since October 6, “roughly 300 million XRP have left Binance,” the analyst notes, describing the setup as “BULLISH.”

The timing overlaps with a

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