XRP (XRP-USD) is no longer just a speculative token traded on retail platforms. It is increasingly being adopted by major firms, asset managers and exchanges that hold billions in custody. The effect is profound because concentrated ownership shapes liquidity, price sensitivity and the level of institutional access available to investors.
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These holdings are split between two categories. Some firms keep XRP as part of strategic or regulated products, while others hold tokens in exchange wallets on behalf of their customers. Both have an impact on how XRP trades and on the health of its market. Here are five of the largest players currently acquiring and holding XRP.
SBI Holdings Deepens Ties with XRP
SBI Holdings (SBHGF) in Japan has one of the largest corporate exposures to XRP, with reporting suggesting positions worth around $10 billion. At times, this sum has even exceeded the market value of the company itself.
SBI works closely with Ripple through its joint venture SBI Ripple Asia. It uses XRP in payment trials, custody services and exchange offerings. This makes SBI a focal point for Japanese adoption of XRP and a case study in how traditional finance firms can integrate crypto into their wider business models.
WisdomTree Builds Regulated Access
WisdomTree (WT) brought XRP into regulated investment products by launching the XRPW exchange-traded product in late 2024. It trades on Xetra, SIX and Euronext, giving institutional investors easy access to XRP without having to manage private keys.
The product is physically backed, with actual tokens held in custody for investors. By applying regulated fund structures, audits and professional management, WisdomTree has opened the door for large institutions to gain exposure to XRP in a familiar format. Inflows since launch confirm growing demand for this type of access.
Upbit Controls Billions in Customer Deposits
South Korean exchange Upbit holds one of the largest XRP balances of any trading venue. On-chain trackers show it controls between five and six billion tokens. These balances reflect customer deposits and are constantly used to provide liquidity for one of XRP’s most active retail markets.
Concentrated holdings at Upbit affect short-term price action when large withdrawals or transfers occur. Analysts watch these flows closely, since changes in reserves often act as a signal of retail demand in Korea, a market that plays an outsized role in XRP’s global trading volumes.
Binance Provides Market Depth with Large Holdings
Binance remains one of the largest custodians of XRP. Its linked addresses hold about 1.47 billion tokens, according to rich-list data. These funds mostly belong to customers but are central to the liquidity provided across Binance’s trading pairs.
Because Binance is such a large venue for XRP markets, movements in its wallets are watched in real time by traders. Large inflows or outflows are often interpreted as signs of potential sell pressure or accumulation. Binance’s holdings therefore have a direct influence on short-term sentiment.
Uphold Manages One of the Largest Single Wallets
Uphold, a U.S. trading platform, also appears near the top of the XRP rich list. Reports show it holds more than 1.5 billion tokens in custody, making it one of the single largest wallets on the XRP Ledger.
The company has clarified that these funds belong to its customers rather than its treasury. Even so, the scale of these balances means that customer activity on Uphold can concentrate market liquidity. This level of custody also creates scrutiny, with Uphold issuing public comments to emphasize transparency and stability.
Key Takeaway
These five players show how XRP adoption has matured from niche retail speculation to large institutional and custodial positions. Strategic holders such as SBI link XRP directly to business development. Asset managers like WisdomTree bring it into regulated products. Exchanges including Upbit, Binance and Uphold concentrate billions in customer deposits that directly shape liquidity and price action.
Investors should watch inflows into XRP exchange-traded products, changes in exchange reserves and official disclosures from major custodians. These signals reveal real shifts in supply and demand and provide the clearest view of how institutional adoption is evolving.
At the time of writing, XRP is sitting at $2.9798.
