XRP’s token is attracting attention again as large amounts of it are moving away from major exchanges like Upbit and Binance. This trend echoes a surge pattern observed back in late 2024, prior to a significant price increase.

XRP Supply on Upbit Is Falling Again

In November 2024, XRP supplies on Upbit fell from 6.6 billion to below 6 billion. At that time, the token’s price rose from $0.5 to $3.29, as noted by analyst CW. This decrease in available XRP has historically led to sharp price rallies.

Following a similar trend, XRP’s reserves on Upbit began to decline again in early January 2026, paralleled by an increase in its price to about $2.3. With fewer tokens available on exchanges, there may be reduced selling pressure, as many users opt to transfer their assets to private wallets.

Although the current decline is not as drastic as the previous one in 2024, the pattern appears familiar. Traders remain vigilant, hoping for a repeat of history.

Moreover, not only Upbit is witnessing XRP withdrawals; Binance has also reported a consistent drop in reserves. Since October 2025, over 300 million XRP have been withdrawn from Binance, resulting in a decline of reserves from over 3 billion to approximately 2.68 billion.

XRP Exchange Reserve XRP Exchange Reserve on Binance 8.1. Source: CryptoQuant

While these shifts were occurring, XRP’s price decreased from above $3 to around $1.8. Recently, however, it has rebounded above $2.

Market Levels and Analyst Perspectives

As of the latest updates, XRP’s value hovers around $2.10, marking a 6% decline over the past day yet up over 16% in the past week. A recent drop from $2.28 indicates this level may be acting as a resistance.

Technical trader CRYPTOWZRD remarked, “A further decline from XRPBTC is still possible.”

They pointed out a double-top pattern developing, which could signal more declines unless buyers intervene soon.

Other analysts remain hopeful. Chartist Ali Martinez disclosed that a TD buy signal is underway, while Elliott Wave specialist XForceGlobal foresees a larger movement taking shape. They indicated that XRP could be in the early stages of a new uptrend, adding, “XRP already completed that five-wave decline.”

They perceive a $5 target as feasible and even mentioned possible highs between $10 to $20 during this current cycle. However, they caution that a dip to the $1.30-$1.50 range may still occur.

In the meantime, XRP’s performance during early 2026 has piqued investor interest, surpassing both Bitcoin and Ethereum in the initial week. CNBC dubbed it the “hottest crypto trade of the year,” highlighting XRP’s rising allure as traders look for fresh opportunities.

US-listed spot XRP ETFs have seen steady inflows into January, a signal of increasing interest from institutional investors. Coupled with declining exchange supplies, this could set the stage for further price improvements if crucial resistance levels like $2.28 are surpassed.