XRP transfers to Binance have increased sharply, raising questions about possible selling pressure in the short term. According to CryptoQuant’s latest findings, around 1.6 billion tokens flowed into the exchange over the past 30 days.
This is the highest 30-day inflow recorded since March.
Inflows Rise, as Futures Stay Strong
Large amounts of XRP moving to an exchange can be a warning sign. Traders often send tokens to exchanges when they plan to sell. However, the inflow alone does not confirm that selling has taken place, CryptoQuant explained in its post.
It does not provide a clear bearish signal yet. For now, the data suggests a “cautious short-term” outlook. If Binance continues to receive large amounts of XRP, while its reserves increase and the price weakens, selling pressure could become stronger. On the other hand, if Binance reserves remain stable and XRP holds its price, the market could be absorbing the additional supply.
Meanwhile, XRP futures trading stayed busy in September as volumes remained close to their highest levels of the past six months. Data revealed that trading activity picked up from August.
Binance handled the biggest share of the activity. The exchange recorded around $32.36 billion in XRP futures trading volume during September. Next up was Bybit with about $12.5 billion, while OKX recorded roughly $11.32 billion. The rest of the volume was spread across other exchanges. The increase points to more money and trading activity moving through the futures market.
Volumes have cooled from earlier record highs, but they are still at fairly high levels. Higher futures volumes usually mean more traders are taking positions and moving money through the market. It can also mean stronger liquidity, making it easier to open and close trades.
Bulls Target $1.62
Ali Martinez is taking a more positive view of XRP’s chart. In a recent post, the analyst said the crypto asset appears to have broken above the descending resistance line of a triangle pattern on the four-hour chart. The move could be a sign that buyers are starting to gain some ground.
Martinez is now watching the $1.50 level closely. If XRP can hold that area as support, he sees room for the price to move toward $1.62.
The post 1.6 Billion XRP Moves to Binance: Should Investors Be Worried? appeared first on CryptoPotato.
Massive XRP transfers to Binance could increase selling pressure, although inflows alone do not prove that investors are selling. AA News, Crypto News, social, SocialFB, Ripple (XRP) Price
This articles is written by : Nermeen Nabil Khear Abdelmalak
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