XRP exchange reserves have increased by 1,200 million in just one day, presenting a bearish perspective for The XRP price. This development occurs when the Token seems to keep above the psychological level of $ 3.
XRP Exchange reserves increase by 1.2 billion in just one day
TO Cryptocharging analysis By Cryptanchain he revealed that XRP exchange reserves increased by 1,200 million in a day in four cryptography exchanges, with Binance leading the increase. Bithumb, Bybit and OKX also experienced an important increase in their reserves, a development that Cryptanchain said the volume of XRP reserves changed in an unprecedented way.
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Binance saw that its reserve properties increased from around 2,928 billion XRP to 3,538 billion XRP, an increase of more than 610 million XRP in one day. Meanwhile, Bithumb saw that their holdings increased from 1,647 billion to 2,519 billion, Bybit’s holdings The 188 million increase to 380 million XRP, and OKX XRP reserves increased from 112,000 to 233 million.
This development is typically bassist, since an increase in cryptography exchanges reserves indicates that investors are downloading their coins. This would also explain why XRP has had a lower performance in recent times and has had problems staying above Psychological price level of $ 3. During this period, other alternatives such as Solana and BNB have surpassed XRP, reaching new local maximums.
Accumulation instead of liquidations
Cryptanchain revealed that the increase in XRP exchange reserves is a case of accumulation instead of typical liquidations. The analyst said that the price table indicates that this strong accumulation occurred precisely in the Key support level Of around $ 2.73, a level that has previously prevented the Altcoin from experimenting massive decreases.
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Then, the analyst indicated the RSI and MacD indicators one day after the increase in XRP exchange reserves, which shows a decrease in the sale pressure of the Token.
Cryptanchain also pointed out that the pattern of these great accumulations through cryptography exchanges and at a critical support level could be a sign of institutional coordination or an upcoming event. Notably, The ETF XRP It could be launched next month, which would represent a significant development for the XRP price.
The analyst declared that if the current support is maintained and the purchase of volumes continues, The XRP price could meet at greater resistances at $ 3.34 and $ 3.58. However, Cryptanchain warned that if the support is broken, the sales pressure could turn the increase in XRP exchange reserves into an opportunity for mass supply.
At the time of writing this article, the XRP price is quoted at around $ 3.06, more than 2% in the last 24 hours, according to data of coinmarketcap.
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