6 hour ago
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XRP Exchange Outflows Indicate Rising Long-Term Demand and Institutional Interest
The crypto market is experiencing heightened volatility, with XRP facing strong selling pressure. Despite this, significant developments are reshaping its ecosystem:
- XRP has seen unusual institutional activity with the launch of new US spot XRP ETFs by Canary Capital, Franklin Templeton, Bitwise, and Grayscale.
- XRP reserves on Binance have dropped to approximately 2.7 billion, indicating increased self-custody demand.
- A CryptoQuant report highlights a significant exchange outflow trend since October 6, with 300 million XRP leaving Binance, suggesting long-term bullish sentiment.
XRP's price action remains bearish, struggling to stabilize despite temporary support near the $2 psychological zone, aligning with the 200-day moving average. Key resistance levels at $2.40–$2.50 remain intact, with muted trading volume indicating a lack of strong buying conviction.
Overall, while there are signs of potential long-term accumulation due to institutional interest and declining exchange reserves, XRP's immediate outlook is hindered by prevailing bearish trends and weak volume.