XRP Exchange Reserves Balloon 1.2 Billion In One Day, Why This Is Bearish For Price

XRP Exchange reserves have surged by 1.2 billion in just a day, presenting a bearish outlook for the XRP ￰0￱ development comes as the token looks to hold above the psychological $3 ￰1￱ Exchange Reserves Increase By 1.2 Billion In Just A Day A CryptoQuant analysis by CryptoOnchain revealed that XRP Exchange reserves jumped by 1.2 billion in a day across four crypto exchanges, with Binance leading the surge. Bithumb, Bybit, and OKX also experienced a major increase in their reserves, a development which CryptoOnchain noted shifted the volume of XRP’s reserves in an unprecedented ￰2￱ Reading: Crypto Expert Shares How To Get To $1 Million With XRP Binance saw its reserve holdings increase from around 2.928 billion XRP to 3.538 billion XRP, an increase of over 610 million XRP in a single day.

Meanwhile, Bithumb saw its holdings increase from 1.647 billion to 2.519 billion, Bybit’s holdings increased from 188 million to 380 million XRP, and OKX’s XRP reserves jumped from 112,000 to 233 ￰3￱ development is typically bearish, as an increase in crypto exchanges’ reserves indicates that investors are offloading their ￰4￱ would also explain why XRP has underperformed in recent times and has struggled to hold above the psychological $3 price ￰5￱ this period, other altcoins like Solana and BNB have outperformed XRP, reaching new local ￰6￱ Rather Than Sell-offs CryptoOnchain revealed that the increase in XRP Exchange reserves is a case of accumulation rather than the typical ￰7￱ analyst noted that the price chart indicates that this heavy accumulation occurred precisely at the key support level of around $2.73, a level that has previously prevented the altcoin from experiencing massive ￰8￱ Reading: XRP Price Setting Up For Next Leg With Expected Targets Reaching $19.27 The analyst then pointed to the RSI and MACD indicators a day after the increase in the XRP Exchange reserves, which shows a decrease in selling pressure on the ￰9￱ explained that this could mean that the heavy buying by exchanges was aimed at accumulation rather than immediate injection into the ￰10￱ also noted that the pattern of these large accumulations across the crypto exchanges and at a critical support level could be a sign of institutional coordination or an upcoming event.

Notably, the XRP ETFs could launch next month, which would represent a significant development for the XRP ￰11￱ analyst stated that if the current support holds and buying volumes continue, the XRP price could rally to higher resistances at $3.34 and $3.58. However, CryptoOnchain warned that if the support is broken, selling pressure could turn the increase in XRP Exchange reserves into an opportunity for massive ￰12￱ the time of writing, the XRP price is trading at around $3.06, up over 2% in the last 24 hours, according to data from ￰13￱ image from Adobe Stock, chart from ￰14￱