XRP Supply Shock Looms as Exchange Reserves Hit Multi-Year Low
As XRP exchange reserves plummet to levels not seen since mid-2023, analysts are watching for signs of a potential bullish reversal. The significant withdrawal of tokens from trading platforms suggests growing investor confidence in long-term holding strategies.
Will XRP Price See Bullish Reversal As Supply On Exchanges Dry Up
The supply of Ripple (XRP) has seen a substantial drop, potentially resulting in a supply shock and price reversal. The XRP tokens reserved on exchanges declined to 2.73 Billion, a low point also seen in July 2023. Binance, in particular, holds 2.73 Billion XRP tokens, which is 540 Million less than the late 2024 figure of 3.27 Billion. This decrease suggests investors are transferring tokens into private wallets for long-term storage, resulting in decreased market selling. The continuous decline in XRP supply could trigger a supply shock, leading to an upward price reversal for XRP.
XRP News Today: XRP Clings to $2 Support Amid ETF Speculation and Legal Uncertainty
With traders eyeing a potential spot ETF approval and the SEC lawsuit approaching a possible resolution, XRP’s current position could prove pivotal for its short-term momentum and long-term trajectory. After facing three consecutive days of losses, XRP is now consolidating between $2.03 and $2.12. Market analysts say this range-bound behavior suggests an imminent move, but the direction remains uncertain. According to FXStreet, the $2.00 mark is a key short-term support level. A break below this threshold could expose XRP to further downside, with potential targets at $1.96, $1.90, and $1.86.
XRP Price Prediction: Breakout Possible
The latest XRP price prediction suggests a potential breakout as the coin continues to attract global investors. Reports indicate a possible Golden Cross pattern on the daily chart, which analysts believe could spark a new price rally. The Ripple Labs-linked coin has been trading within a tight range between $2.06 and $2.09, currently priced at $2.08 with a market capitalization of $121.94 billion, up 1.48% in the past 24 hours. Trading volume is slightly down at $1.55 billion, hinting at some trader hesitation.
XRP Golden Cross Could Boost Market Sentiment
In the volatile arena of crypto, where every signal can sway the market, XRP draws the spotlight. Technical indicators for XRP show a bullish turn, and the imminent formation of a golden cross could trigger a rally as early as July. This setup captures the attention of traders seeking confirmation in a context of widespread caution. Despite this, trading volumes have dropped by over 20%, reflecting investor caution in a wait-and-see climate.
