XRP Exchange Reserves increased by 1.2 billion in one day, offering a bearish outlook XRP Price. This development is because the token appears to hold above the psychological $3 level.
XRP ExchangeReserves increased by 1.2 billion in one day
a Encryption analysis According to CryptoonChain, XRP Exchange Reserves has increased by 1.2 billion a day across four crypto exchanges. Binance that leads the surge. Bithumb, Bybit and OKX also experienced significant increases in reserves. This is a development that Cryptoonchain pointed out that it has shifted XRP reserves in an unprecedented way.
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Binance saw its reserve holdings increase from around XRP 2,928 billion to XRP 3,538 billion, with over 610 million XRP in a day. Meanwhile, Bithumb saw its holdings increase from 1.647 billion to 2.51.9 million. Holdings of Bibit OKX’s XRP reserves increased from 112,000 to 188 million, to 380 million.
The development is usually bearish as the increase in crypto exchange reserves indicates that investors are offloading coins. This also explains why XRP has suffered a slow performance lately and has struggled to hold it above Psychological $3 price level. During this period, other Altcoins like Solana and BNB surpassed XRP, reaching new local highs.
Accumulation, not sales
CryptoonChain revealed that the increase in XRP Exchange Reserves is in the case of accumulation rather than a typical sale. Analysts noted that the price list shows that this heavy accumulation occurred accurately. Key Support Levels Of the approximately $2.73, the level that previously prevented Altcoin from dropping significantly.
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Analysts then pointed out the RSI and MACD indicators one day after the increase in XRP exchange reserves. This indicates a decrease in sales pressure for Token.CryptoonChain.
CryptoonChain also noted that these large-scale accumulation patterns at crypto exchanges and critical support levels could be indications of institutional adjustments or upcoming events. especially, XRP ETF It may be released next month. This represents a significant development in XRP prices.
Analysts say if current support is retained and volume purchases continue; XRP prices could rise There will be a high resistance of $3.34 and $3.58. However, CryptoonChain warned that if support is broken, sales pressure could turn XRP Exchange’s increased reserves into a massive supply opportunity.
At the time of writing, XRP prices are trading at around $3.06, an increase of over 2% over the past 24 hours. data From CoinMarketCap.
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