XRP Reserves on Binance And Upbit Surge in January, Raising Sell-off Concerns
XRP reserves on major exchanges like Binance and Upbit surged in January, coinciding with price drops and increased whale activity, raising sell-off concerns.Summary
XRP's price has fallen below $2, erasing much of its early-year recovery, a trend linked to broader market weakness and increased selling pressure indicators. Data from CryptoQuant reveals a significant surge in XRP reserves on major exchanges, including Binance (2.72 billion XRP) and Upbit (nearly 6.3 billion XRP), meaning exchange holdings now constitute almost 10% of the circulating supply. The rise in Upbit balances has inversely correlated with XRP's price decline from $2.40 to $1.83, highlighting the influence of Korean investors. Furthermore, increased Whale Exchange Transactions on Binance suggest large holders are moving XRP onto exchanges, potentially intensifying selling pressure.
Despite this, XRP ETFs experienced only two days of outflows in January, with the largest ($53.32 million) attributed to macro factors like tariff threats, not fundamental sentiment shifts. Cumulative net inflows remain strong at $1.23 billion. Positive factors supporting XRP include robust ETF trading volumes reported by Token Relations and expanding use cases for Ripple's RLUSD stablecoin on the XRP Ledger. The immediate price action hinges on holding the critical $1.88 support level; a break below could lead to a 45% decline, while holding support could allow a retest of $2.40.
(Source：BeInCrypto)