Around 300 Million XRP Leave Binance — What Does It Mean for The Price?
Nearly 300 million XRP left Binance in October, signaling increased investor confidence ahead of historically strong November performance.Summary
On-chain data reveals that approximately 300 million XRP were withdrawn from Binance during October, reducing the exchange's balance from over 3 billion to 2.7 billion tokens, a trend also seen on other major exchanges like Bybit and OKX. Declining exchange reserves typically suggest reduced selling pressure and accumulation, as holders move assets for long-term storage, which is generally a bullish indicator. This accumulation occurs despite October historically being a weak month for XRP, which has seen a 7.13% drop so far. Investors may be positioning themselves for November, historically XRP's strongest month with average gains around 88%. This sentiment is further supported by large holders adding about $314 million worth of XRP. Technically, an analyst suggests XRP is in a years-long reaccumulation phase between 2017 and 2021 highs, which could precede a major parabolic upward move.
(Source：BeInCrypto)