币界网报道：XRP's liquidity remains heavily concentrated on just three major exchanges—Binance, Bybit, and Upbit—accounting for over 60% of its total trading volume, according to Kaiko data. This high concentration raises concerns about market stability, as any disruptions or regulatory actions targeting these platforms could significantly impact XRP's price and trading activity. The token's liquidity has notably declined since mid-2023, with its market depth dropping by nearly 90% from its peak in March 2023. Despite Ripple's partial legal victory against the SEC last year, which initially boosted XRP's trading volume, the token has struggled to regain broader market confidence. Analysts warn that such liquidity dependency on a few exchanges could exacerbate volatility, especially during periods of low trading activity or sudden regulatory scrutiny.