Comparison of XRP price and exchange reserves | XRPUSD | TradingView
After the massive crypto market crash occurred on September 5th, the graph above shows that exchange deposits increased continuously from 2.94 billion XRP to 3.12 billion XRP on October 1st. It shows what has been achieved. During this period, the total deposit volume on the exchange platform increased to the equivalent of 187 billion XRP. For about $100 million.
Sustained forex inflows usually suggest that traders are looking for short-term selling opportunities, and vice versa.
However, since Bitwise’s XRP ETF was filled on October 2nd, it has begun moving its holdings into long-term cold storage. As of this writing on October 6, foreign exchange reserves have fallen to 3.06 billion XRP.
Evaluated at current prices, investors have effectively transferred more than 60 million XRP worth approximately $32 million from exchanges and trading platforms during the 6% rise over the past three days.
If investors continue to burn more XRP coins to mint RLUSD, as observed over the past week, the short-term supply of XRP will further decrease, potentially fueling further breakouts in the coming days. may open the way to.
XRP Price Prediction: Bulls Expect $0.55 Breakout Next Week
These RLUSD launches and Bitwise ETF filings clearly helped XRP price outperform Bitcoin (BTC) over the weekend. A $32 million decrease in market supply and $43 million inflow from the RLUSD mint suggest that XRP price could rise further towards $0.55 next week.
