XRP Exchange Reserves Increase 1.2 Billion in a Day, Bearish Outlook

The XRP exchange reserves increased by 1.2 billion in one day, primarily driven by Binance, along with Bithumb, Bybit, and OKX. This rise suggests potential bearish sentiment as investors might be offloading coins. Binance's reserves increased by over 610 million XRP, while Bithumb, Bybit, and OKX also saw significant increases.

XRP

Despite the increase in reserves, CryptoOnchain analysis suggests accumulation rather than sell-offs, occurring at a key support level of $2.73.
Indicators like RSI and MACD show decreased selling pressure, indicating possible institutional coordination or upcoming events such as the potential launch of XRP ETFs.
If the current support holds and buying volumes continue, XRP could rally to resistances at $3.34 and $3.58. However, breaking the support could lead to increased selling pressure.

XRP

Currently, XRP is trading around $3.06, up over 2% in the last 24 hours.