XRP Reserves Drop on Binance and Other Major Exchanges

At the beginning of October, Binance held 3 billion XRP, which has now dropped to 2.7 billion. Similarly, other major exchanges such as Bybit, Gate, HTX, and OKX also reported declines in XRP reserves.

• Lower exchange reserves suggest reduced selling pressure.

• Investors are moving XRP off exchanges for long-term storage.

• This trend generally signals a bullish outlook for the altcoin.

As a result, despite a volatile October, investors appear to be positioning themselves ahead of a historically strong November. Historically, Ripple has gained around 88% on average during November.

Historical Data and Seasonal Trends

CryptoRank data shows that over the past 12 years, XRP ended October lower seven times. This year, the altcoin has dropped approximately 7.13% so far. However, the decrease in exchange reserves may indicate a potential seasonal recovery.

BeInCrypto Markets reported Ripple trading at $2.65 at the time of writing, with a 24-hour decline of 0.0289%. On the other hand, major investors have increased positions, adding around $314 million worth of XRP. This institutional interest reinforces the positive outlook.

Technical Analysis and Long-Term Perspective

Analysts suggest XRP could be approaching a significant price increase after an extended sideways trend. The period between the 2017 and 2021 peaks is seen as a years-long accumulation phase. Moreover, investors seem to be taking early positions to offset October losses.

• XRP trades with strong November expectations despite large withdrawals.

• Institutional purchases and on-chain data support long-term bullish signals.

• Technical indicators point to a potential price recovery.

These developments highlight a key opportunity for investors and crypto market participants. Decreasing exchange reserves combined with historically strong November performance suggest Ripple may have a strong upside potential in the coming weeks.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post 300 Million XRP Withdrawn from Binance – Price Rally Expected appeared first on Coin Engineer.