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🚨BREAKING: CoinShares has withdrawn its application for an #XRP ETF with the SEC. Instead, it plans to file for a SPOT XRP ETF under the new rules! #BinanceHODLerAT #Xrp🔥🔥 #xmucan $XRP
❗️XRP Reserves on Binance Plummeting: What could this mean for the price? 🤔🤷🏽♀️
The amount of XRP held on Binance has dropped significantly in recent weeks. The number of tokens on the exchange fell from around 3 billion in midOctober to 2.71 billion by the end of Nov. This sharp decline is occurring while the XRP price is trying to stabilize after months of selling pressure…
Back in midOctober, when there were still about 3 billion XRP on Binance, the price was around $3.02. Now, the price has fallen back to $2.17. Over the past 24 hours, there was a small gain, but overall sentiment remains cautious. 🧐
The sharp drop in supply may indicate that investors are withdrawing their tokens from the exchange for selfcustody or longterm holding, especially now that the price is relatively low.
Fewer XRP on trading platforms means less immediate selling pressure. Analysts often view this as a positive signal. If demand picks up again, a tighter supply on exchanges can lead to faster upward price movements. 🔝
The fact that Binance’s $XRP reserves are now at their lowest level since August makes the market extra sensitive. Around the current price level, the balance is fragile… A breakdown lower could trigger new waves of selling. But if XRP manages to hold this level and the outflow of tokens continues, it could strengthen confidence among major players and pave the way for fresh capital inflow.
❗️so, are big investors about to step back in? In the past, a declining XRP supply on major exchanges like Binance has regularly sparked buying interest from wealthy investors and institutional parties. However, the broader altcoin market remains vulnerable at the moment.
Meanwhile, XRP is moving sideways around its two-week average. This suggests wait and see behavior rather than a clear trend reversal. The coming days will be crucial… 😬#Xrp🔥🔥 #XRPRealityCheck $XRP