XRP Update 🚀
In the past 24 hours, XRP exchange reserves surged by 1.2 billion tokens, marking one of the largest single-day increases this year. Binance alone added 610M XRP, while Bithumb saw an 872M jump, with Bybit and OKX also reporting significant inflows.
Normally, such inflows are seen as bearish signals, hinting at potential sell pressure. However, this surge coincided with XRP successfully holding its $2.73 support, raising questions: Is this accumulation or a sell-off in the making?
📊 Price Action
Despite these inflows, XRP bounced above $3, gaining +8.43% this month. RSI and MACD indicators suggest easing sell pressure, while optimism around a possible U.S. XRP ETF approval in October continues to support market sentiment.
💹 Futures Market
CME open interest rose 74% MoM, while overall futures demand reached 2.69B XRP ($7.9B). Futures currently trade at a 7% premium, reflecting balanced leverage rather than speculative excess.
🔥 If ETF approval materializes, XRP could retest $3.40–$3.60. Without it, the swelling reserves may instead trigger renewed sell pressure.
