2,675,900,000 XRP Shows Bullish Signs as Buyers Remain Resilient

XRP has kickstarted the new week with a slow price movement, trading in the red territory with a mild decline in its price over the last 24 hours.

Despite the ongoing correction in the price of the fourth-largest cryptocurrency by market capitalization, its exchange reserve has flashed a bullish signal after showing a decent decline in the past day.

With the broad crypto market showing mixed price actions since last weekend, this positive exchange flow has stirred optimism among XRP holders.

According to data provided by the on-chain analytics platform, CryptoQuant, the XRP reserve across all supported exchanges has shown a modest shortage of about 0.44% over the last 24 hours.

This stands as a strong indication of long-term confidence and reduced selling pressure.

2,674,890,000 XRP left on Binance

Following the bullish XRP exchange flow, the data further shows that about 2,692,600,000 XRP is currently sitting on the world’s largest cryptocurrency exchange, Binance.

Compared to the volume recorded yesterday, millions of XRP have been moved out of the exchange amid the increasing buy activity over the last day.

Although XRP’s current price action may be negative, sudden decreases in exchange reserves, just as seen in that of XRP, are often a sign that holders are transferring XRP into private wallets.

You Might Also Like

Notably, this is a key signal for increased buying activities, which could propel the price for higher surges.

Nonetheless, the data provided on the chart shows that over 3 million XRP has been purchased by Binance users in just 24 hours, signaling increased interest and rising confidence in the asset’s long-term prospects.

XRP shows positive outlook with 205% volume surge

Amid this positive exchange movement, as holders’ behavior appears to be bullish, XRP has remained in the red territory as of Monday, Jan. 12.

Nonetheless, it appears that traders are looking beyond the ongoing price slump, as other key metrics are providing bullish signals. The asset’s trading volume has surged significantly by 205.8% over the last day.

Although XRP has slumped by 1.63% during the same period, its positive exchange flow, coupled with the volume explosion, suggests a major price breakout is near.