In September, XRP reserves on large exchanges increased markedly, which may indicate changes in the sentence. Usually this is perceived as a signal for sale indicating a possible preparation for increasing sales of tokens.
However, one analyst believes that this time the situation may be different. Instead of immediate pressure on sale, this may mean strategic accumulation.
XRP reserves on exchanges are growing
Cryptoonchain said that on September 1, onchain-data showed synchronous growth of XRP reserves on several leading exchanges, including BINANCE, BITHUMB, Bybit and OKX, as well as a small increase on Gate.io.
Binance recorded the largest influx, increasing reserves from 2.928 billion to 3.538 billion (+610 million XRP). BitHumb reserves have increased from 1.647 billion to 2.519 billion XRP. Bybit almost doubled its reserves, increasing them from 188 million to 380 million XRP. OKX increased the balance from 112 thousand to 233 million XRP.
These data indicate a coordinated yard of the XRP for several exchanges. Cryptoonchain noted that the time of this accumulation is especially important – it coincided with testing the key level of the XRP support of about $ 2.73. Historically, this level served as a strong barrier, which has repeatedly prevented deeper drops in prices.
How XRP feels
At the time of writing this material, the XRP lasts about $ 2.95, increasing by 3.96% in the last week. The analyst added that technical indicators, such as the relative force index (RSI) and the convergence/discrepancy between the sliding medium (MACD), show a decrease in the sale pressure.
What analysts think
Cryptoonchain also predicts that if current support is held and the volume of purchases continues to grow, the XRP will receive a chance to reach the following resistance levels by $ 3.34 and $ 3.58. On the other hand, if support is punched, increased reserves threaten to lead to a significant increase in the supply, increasing the pressure on the sale.
Another analyst noted that while the level of $ 2.7 is held, the forecast for the XRP remains optimistic. A breakdown above $ 3.3 is able to accelerate the dynamics and cause rally. However, the analyst warned that the fall below this support level will weaken the forecast.
As a bull catalyst, experts see the possible approval of ETF based on Ripple token.
However, not all forecasts are optimistic. The famous analyst Greg Miller warned that in the near future recovery is up to $ 3 or higher.
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Source: Cryptocurrency
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