XRP Exchange Balances Fall Back to 2018 Levels as Liquidity Tightens Into 2026

On December 31, 2025, onchain data indicated that XRP balances on centralized exchanges had retreated to levels last seen in 2018, pointing to a sharp contraction in immediately tradable supply. Over the past two months, total exchange holdings dropped from nearly four billion XRP to about one and a half billion, while the price hovered around $1.86 and continued to hold the $1.78–$1.80 support zone. This combination of reduced sell-side liquidity and resilient price structure suggests the market may be shifting toward a supply-driven consolidation phase as it approaches 2026.