when

Reserve

View

<p>It appears that <a href="https://coinpedia.org/news/sec-appeals-verdict-in-ripple-case-can-the-payment-company-sue-the-agency/" rel="noopener noreferrer nofollow">Ripple’s</a> native token is poised for a massive price crash as whales and institutions continue to offload their holdings. Over the past seven days, Binance, the world’s largest crypto exchange, has seen a significant dump of XRP tokens by whales and institutions, according to the on-chain analytics firm CryptoQuant.</p>  
<h2 class="wp-block-heading" id="h-binance-s-xrp-reserve-soars"><strong>Binance’s XRP Reserve Soars</strong></h2>  
<p>According to the data, <a href="https://cryptoquant.com/asset/xrp/chart/exchange-flows/exchange-reserve" target="_blank" rel="noopener noreferrer nofollow">Binance’s XRP reserve</a> has increased by 135 million worth $72.63 million, over the past seven days. This significant rise in exchange reverse is a bearish sign for the XRP holders. Investors and whales often transfer their holdings to exchanges either to sell or stake.</p>  
<figure class="wp-block-image aligncenter size-large is-resized"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/04005454/XRP-Ledger-Exchange-Reserve-Binance-8-1024x576.png" alt="" class="wp-image-359821" style="width: 100%;height:auto">
 <figcaption class="wp-element-caption">
  Source: CryptoQuant
 </figcaption>
</figure>  
<p>Data shows that when XRP reached its resistance level of $0.65 level, the exchange reserve started increasing. Since then, the asset’s price has declined by over 20%.</p>  
<h3 class="wp-block-heading" id="h-current-price-momentum-nbsp"><strong>Current Price Momentum&nbsp;</strong></h3>  
<p>Currently, XRP is trading near $0.523 and has experienced a price decline of over 8.32% in the past 24 hours. During the same period, its trading volume increased by 30%, indicating higher participation from traders and investors. In this, some may be accumulating, while others are potentially dumping, leading to a spike in trading volume.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-xrp-technical-analysis-and-upcoming-levels"><strong>XRP Technical Analysis and Upcoming Levels</strong></h2>  
<p>According to expert technical analysis, XRP appears bearish as it fails to hold a strong support level of $0.542 and falls below the 200 Exponential Moving Average (EMA) on a daily time frame. The 200 EMA is a technical indicator that indicates whether an asset is in an uptrend or downtrend.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/10/04005536/XRPUSDT_2024-10-04_00-55-18.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/04005536/XRPUSDT_2024-10-04_00-55-18-1024x448.png" alt="" class="wp-image-359822"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>  
<p>Given the current market sentiment and XRP's price action, there is a strong possibility that the token could face another 12% decline to reach the next support level of $0.462 in the coming days.</p>  
<h2 class="wp-block-heading" id="h-bearish-on-chain-metrics"><strong>Bearish On-Chain Metrics</strong></h2>  
<p>This negative outlook is further supported by on-chain metrics. Coinglass’s XRP Long/Short ratio currently stands at 0.90, indicating strong bearish sentiment among traders. Currently, 52.54% of top XRP traders hold short positions, while 47.46% hold long positions.</p>  
<p>When combining both technical analysis and on-chain metrics, it appears that bears are currently dominating the asset and price may decline in the coming days.</p>

XRP Holders in Trouble, Exchange Reserve Soars

Table of Contents

CoinPedia News

Other articles published on Oct 3, 2024

Is Bitcoin Price Correction Over?

Raydium LaunchesTeleport for Quick Cross Chain Token Transfers

Solana Whales Make a Comeback After Last Week’s Sell-Off, Grabbing a Hot Token Under $0.05

Could Dogecoin’s 72% Jump in Fresh Wallets Propel DOGE Past Dogen to Meme Coin Supremacy?

How is the Demand for Bitcoin? Is There Enough Demand for a Rise?

September Memecoin Surge: New SHIB Dream and Top Gainers

Join our free newsletter for daily crypto updates!