Last week, $XRP primarily moved within a sideways range. It faces resistance at $3.34, while support is at $3.11.

However, new on-chain data shows that the altcoin may be preparing for significant growth.

According to Glassnode, the percentage of circulating XRP supply held on centralized exchanges has decreased in recent days. It is currently at a monthly low of 5.66%, which is 3% lower compared to August 9th. This means fewer tokens are available for immediate sale.

For XRP, the decrease to a monthly low indicates a weakening of selling pressure. This is important considering the current sideways trend of the token, as a reduction in liquidity on the selling side may create conditions for a short-term breakout.

Meanwhile, the liquidity and liquidation map of XRP shows a capital cluster just above the current price, at $3.4. These capital clusters attract short-term bullish momentum as traders look to exploit these liquidity zones.

Thus, this may pull XRP higher, triggering liquidations and executing orders.$PROVE $C #xrp