67% of XRP Liquidity Held by Just 3 Exchanges—Is This a Ticking Time Bomb for Traders?
XRP's liquidity landscape looks more like a oligopoly than a free market. Three exchanges now control two-thirds of all trading depth—a red flag for decentralization purists.
Who holds the cards?
When 67% of a token's liquidity sits in three vaults, price manipulation risks spike. Market makers could squeeze traders during volatility. Spreads widen. Slippage nightmares intensify.
The institutionalization paradox
Centralized exchanges dominating liquidity isn't new—but XRP's banking partnerships make this especially ironic. So much for 'cutting out middlemen' when gatekeepers still run the casino.
Silver lining or fool's gold?
High concentration can mean efficient price discovery... if you trust the players. Given crypto's track record, that's like trusting a Wall Street banker with your lunch money.
CoinGecko Report Reveals Surprising Data on XRP
At first glance, this might seem efficient. But it also means XRP depends heavily on a small number of platforms to stay liquid.
If any one of these exchanges faces issues or lowers support, XRP traders could face delays, slippage, or bigger spreads.
CoinGecko’s analysis looked at what it costs to trade XRP within a small price MOVE of, which equals about.
Within that range, XRP shows aboutacross eight exchanges. Two-thirds of that sits with the top three.
Bitget Leads XRP Trading at Tight Price Bands
Bitget shows the most liquidity at very small price movements. That means XRP is easiest to trade there if you’re looking to move funds without big price changes.
However, Bitget’s liquidity drops off quickly as you move further from the market price.
By the time you reach the two-cent range, Binance and Coinbase have nearly caught up in volume. This reinforces how dependent XRP is on just a few platforms.
Other exchanges like OKX, Bybit, Kraken, and Crypto.com play a smaller role. Their XRP order books are much thinner compared to the leaders.
XRP Trails Solana in Liquidity and Volume
One surprising detail in the report is thatin both liquidity and trading volume — despite having a higher market cap.
Solana has around $20 million in trading depth within a $1 price range, which is stronger than XRP’s $15 million within two cents. SOL also sawas XRP during the study period.
This gap raises questions about how much real trading interest there is in XRP. Higher market cap doesn’t always mean stronger market support.
In this case, SOL appears to have more consistent demand from active traders.
To sum it up, XRP’s trading activity is strong, but highly concentrated. Bitget, Binance, and Coinbase dominate its liquidity, leaving the asset vulnerable to exchange-level risks.
Compared to Solana, Ripple’s altcoin appears less liquid and less traded. This could affect price stability, especially during market stress.
