X Finance Bull (@Xfinancebull), a leading voice in the XRP community, has drawn attention to recent supply trends. He believes these could set the stage for a major market move. His comments followed new disclosures from community researcher Mullen. He highlighted several changes in XRP distribution across exchanges and whales.
X Finance Bull noted that XRP historically makes sizable moves when its circulating supply is restricted. He argues that the present data points toward a similar setup.
Exchange Balances Show Sharp Reductions
Mullen’s review of an expanded XRP rich list indicated that many exchanges have seen notable declines in their XRP holdings. He suggested that the reductions appear coordinated. He described it as one of the sharpest contractions in recent months.
When the rich list tightens and supply drains like this, the next move is never small. XRP’s setting up for something the public will only understand after it hits.
— X Finance Bull (@Xfinancebull) November 30, 2025
Upbit showed the largest decrease, although the figures for that exchange are greater than its actual holdings. Binance recorded an outflow of 2.56 billion XRP, while Bithumb saw its balance fall by 1.77 billion XRP.
Several mid-sized platforms, including Uphold, eToro, Bybit, and Bitbank, were also reported to have lost a substantial portion of their balances. Mullen suggested that users may be withdrawing their funds, and exchanges may be reorganizing. The network may also be experiencing broad restructuring.
Outliers in The Trend
At the same time, a few exceptions stood out. Evernorth, the recently launched XRP treasury operator, increased its holdings by more than 13%. Coincheck also reported a considerable rise of 550 million XRP. OKX registered a large percentage gain that may be linked to reclassified addresses.
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Other exchanges, such as Coinbase, KuCoin, Paribu, and SwissBirg, have seen their balances fall close to zero since February. While there are exceptions, the trend of shrinking supply has grown in recent months, with BitGo recently running out of tokens.
Exchanges have fallen to 15.86 billion XRP, representing a decline of more than 6.5 billion XRP since early in the year. He noted that the trend suggests a contraction in available liquidity. However, he acknowledged that the findings have not been confirmed.
Rich-List Activity and ETF Impact on Supply
Mullen’s review of the XRP rich list showed continued activity among major holders, with the top 10,000 wallets now holding more than 51 billion XRP. New accounts acquired over 77 million XRP in a day, and existing wallets added nearly 18 million. Others released more than 108 million back into circulation.
He said this reflects repositioning rather than exits. At the same time, XRP ETFs have gathered well over $800 million in inflows since mid-November. This represents over $400 million at XRP’s current price. This adds supply pressure and supports expectations of a larger market move.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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