The reserve of Ripple's XRP token has significantly declined on the Binance exchange, with 167 million tokens being withdrawn over the past five weeks.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.
- Content Editor ( coinpedia.org )
- 2024-09-09
XRP Reserve Drop on Binance, Bullish Signal or Red Flag?