The amount of XRP currently sitting on all supported cryptocurrency exchanges has shown a decent decline over the last 24 hours, according to data from on-chain analytics platform CryptoQuant.

The data shows that XRP exchange reserves have fallen by 0.21% over the past 24 hours as market anticipation builds for a better November rally.

First XRP ETF sets actual launch date

While the decline in the XRP exchange reserve suggests increased buying activity among holders, it appears that the bullish sentiment has been spurred by expectations of the first-ever spot XRP ETF, expected to launch Nov. 13.

It is important to note that when the number of tokens being moved onto exchanges increases so dramatically, it typically indicates impending volatility.

While the reverse is the case this time — a decline in reserves, the move has strengthened investors' confidence, flashing hopes of a major rally ahead.

Apparently, the shrinking exchange reserve suggests that investors are increasingly moving their XRP holdings off exchanges, potentially in preparation for long-term accumulation or institutional allocation ahead of the first spot XRP ETF debut.

Just yesterday, senior ETF analyst Eric Balchunas shared news about renowned investment firm CanaryFunds filing an updated S-1 for its spot XRP ETF. While the move tends to eliminate the delaying amendment, it has set the Canary XRP ETF up for an actual launch date of Nov. 13.

Interesting.. Altho XRP docs didn’t have the same comments back-and-forth with the SEC that Solana had. That was one reason issuers was felt they were ready. But hey, worth a try I guess. https://t.co/SqaQx6kuiA

While optimism surrounding an XRP ETF launch has been long-standing, the declining reserve volume reflects growing confidence in the asset’s price performance in November as traders anticipate increased demand once the ETF begins trading.

While falling exchange balances often signal reduced sell pressure, the potential XRP ETF expected to launch in November from funds like Canary, Bitwise and others has already stirred optimism across the crypto market.

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