CandleFocus XRP Reserve Drop on Binance, Bullish Signal or Red Flag?
2024-09-09
Author: Content Editor
The reserve of Ripple's XRP token has significantly declined on the Binance exchange, with 167 million tokens being withdrawn over the past five weeks. This could be seen as a positive sign, suggesting accumulation rather than selling pressure. XRP's price currently looks bearish as it is trading below the 200 EMA and breached the support level of $0.546. However, the RSI suggests potential price recovery. If XRP breaks through resistance levels and closes above $0.56, there is a chance for a 15% price increase to $0.65. Traders are currently over-leveraged at levels near $0.519 and $0.541, which could lead to liquidations. Despite recent price declines, the market appears to be recovering, with Bitcoin, Ethereum, and Solana experiencing price surges. XRP is currently trading at around $0.538 with increased trading volume.
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