XRP is seeing renewed outflows from Upbit, following a 2024 trend that preceded a sharp price rally. Read more.
XRP supply on Upbit drops again
In November 2024, XRP reserves on Upbit dropped from 6.6 billion to less than 6 billion. During that time, the token rose from $0.5 to $3.29. according to to analyst CW. This decline in available supply was followed by a strong rally.
A similar move seems to be happening now. In early January 2026, XRP reserves on Upbit began to decline again. When that happened, the price rose to about $2.3. Fewer tokens on the exchange often indicate reduced selling pressure as more users move their holdings to private wallets.
However, the current decline is not as sharp as that of 2024, but the pattern is known. Traders are watching to see if history will repeat itself.
Furthermore, Upbit isn’t the only exchange seeing XRP withdrawals. Binance has also recorded a steady decline in reserves. Since October 2025, more than 300 million XRP have been removed from the platform. The reserves fell from more than 3 billion to 2.68 billion.
As this happened, the price of XRP fell from over $3 to around $1.8. However, the chart shows a recent recovery, with the price now back above $2.
Market levels and analyst views
At the time of writing, the price of XRP is around $2.10. It is down almost 6% in the past 24 hours, but up more than 16% in the past week. The recent drop to $2.28 shows that this level is acting as resistance. Technical Trader CRYPTOWZRD said,
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“A further decline in XRPBTC is still possible.”
They also noted that a double top pattern was emerging, which could lead to more downsides unless buyers act quickly.
Other analysts remain optimistic. Chartist Ali Martinez shared that a TD buy signal is underway, while Elliott Wave specialist XForceGlobal sees a greater movement occurs. The analyst said that XRP may already be in the early stages of a new uptrend, adding:
“XRP has already completed that five-wave decline.”
Further on, he sees $5 as a realistic target and even mentioned the possibility of $10 to $20 during the current cycle. He did note that a dip to $1.30-$1.50 could still happen.
Meanwhile, XRP’s performance in early 2026 has attracted investor interest. It surpassed Bitcoin and Ethereum in the first week of the year. CNBC called it the “most popular crypto trade of the year”, noting the shift in attention to XRP as traders look for alternatives.
US-listed spot XRP ETFs continued to see steady inflows in January. These flows are seen as a sign of growing interest from larger investors. Combined with the falling supply on the exchanges, some traders believe this could pave the way for further gains – if key levels such as $2.28 are reached.
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