The XRP reserves on Binance have reached an all-time high of 3.58 billion tokens, which indicates potential increases in selling pressure and decreases in buying interest.
Rapid Increase in XRP Reserves
XRP reserves on Binance increased to 3.58 billion tokens, the highest figure in the last year. This rise comes as the price of XRP drops below $2.74, confirming weakness in buying interest and possibly indicating a market sentiment shift.
Whale Activity Slows Down
On September 5, large XRP transactions to Binance totaled 1,588 tokens, well below the 30-day average of 4,715 XRP. This decline in whale activity may temporarily alleviate selling pressure. However, activity over the past month remains elevated, suggesting that large holders may have moved their tokens in advance.
Traders Focus on Key Support and Resistance Levels
At the time of reporting, XRP price was at $2.81 with a 24-hour decrease of 1%. Analysts are keeping an eye on the $2.85 level as a critical indicator of short-term momentum. Approaching this level could pave the way to $2.90, $2.95, and possibly $3.13. However, if the asset fails to hold above $2.85, a drop towards $2.65 remains possible.
With reserves at yearly highs on Binance and mixed whale flows, traders are closely watching XRP's price movements. In the coming days, the price could provide clearer market direction.
