- $336 million in XRP bought in one day
- XRP bulls anticipate first XRP ETF launch on Thursday
Despite the ongoing correction in the price of XRP, its exchange reserve has shown a notable decline in the past day, raising optimism among holders.
According to data provided by the on-chain analytics platform, the XRP reserve across all supported exchanges has shown a modest shortage of about 2% over the last 24 hours.
$336 million in XRP bought in one day
Notably, a chart published by the data source shows that the XRP reserve across all exchanges has reduced by 149,158,000 XRP, worth about $336.4 million in just 24 hours.
As such, the total XRP sitting in all supported exchanges is worth about $6.82 billion as of November 11.
While sudden decreases in exchange reserves, especially for XRP, often suggest that holders are transferring XRP into private wallets, it is a key signal for increased buying activities, which could propel the price for higher surges.
Furthermore, the metric often stands as a strong indication of long-term confidence and reduced selling pressure. Hence, it appears that the ongoing decline in the price of XRP is not attributable to market sell-offs; rather, the asset might only be responding to the broader crypto market trajectory.
XRP bulls anticipate first XRP ETF launch on Thursday
Although the broad crypto market is currently witnessing severe price corrections, with prices of leading cryptocurrencies recording significant daily declines, the surge in the XRP reserve comes as a surprise.
While the metric contradicts XRP’s current price trajectory, it appears that whales have scooped off the tokens at discounted prices, buying XRP’s dip in preparation for a major price move ahead.
Furthermore, the resilience portrayed by XRP holders amid the heightening market volatility appears to have been ignited by the growing anticipation surrounding the first-ever spot XRP ETF, expected to launch tomorrow, November 13.
Following the launch of this product, XRP is about to offer institutional-grade access, which has made it more appealing to both retail and institutional investors. As such, speculation suggests that XRP whales are quietly accumulating the token while betting on a supply squeeze once the CanaryFund spot XRP ETF trading goes live.
Source: https://u.today/xrp-reserve-shrinks-by-140158000-whos-buying
