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Experts say XRP reserves on Binance dropped 167 million tokens over the last five weeks might show stockpiling and low selling pressure. Given fewer tokens being posted for sale on the biggest cryptocurrency market, the significant drop in Ripple’s native token ownership is considered as a good indication.
CryptoQuant contends that the drop in XRP reserves matches a possible price rebound even despite daily token trading below its 200 Exponential Moving Average (EMA). Currently under attack from a declining trendline close to the $0.55 level, XRP also broke a $0.546 key support level during its most recent price drop.
XRP’s Relative Strength Index (RSI) falls in oversold area, however this indicates that a price comeback might be just about here. Should daily candle ends above the $0.56 level, analyzers believe XRP will gain by 15% to reach the $0.65 level.
Traders are extremely leveraged in key liquidation zones between $0.5119 and $0.541. Should XRP drop below $0.509, around $8.76 million worth of long holdings might be sold off. On the other hand, should the price increase to $0.541, around $6.56 million worth of short bets may be liquidated.
Severe selling pressure from institutional investors and whales has lately resulted in a more widespread negative trend in the price of XRP on the crypto market. Though market attitude is still improving, major cryptocurrencies like Bitcoin, Ethereum, and Solana are seeing price gains of about 4.75%, 3.8%, and 4.5%, respectively.
XRP is trading at $0.538 at the time of writing; up by 2.5% in the last 24 hours; with a 65% rise in trading volume, indicating more interest among crypto aficionados among a possible market recovery.
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The information in this article does not provide any investment advice.