Key Points:
XRP exchange reserves surged by 1.2 billion in a single day, with Binance leading the inflow at 610 million.
Futures demand is rising, with CME open interest increasing by 74%, but XRP's performance remains weaker than its peers under ETF optimism.
This month, XRP experienced a rare and drastic change in exchange reserves. On September 1, Binance, Bithumb, Bybit, and OKX all reported a significant increase in their XRP reserves, totaling over 1.2 billion in a single day.
According to CryptoQuant, Binance led this round of growth, with XRP reserves increasing from 2.928 billion to 3.538 billion, a single-day increase of 610 million. Bithumb followed closely, with holdings rising from 1.647 billion to 2.519 billion. Bybit nearly doubled its reserves from 188 million to 380 million, while OKX's reserves surged from just 112,000 to 233 million.
Typically, an increase in exchange reserves is seen as a bearish signal, as it increases the available supply, suggesting a potential sell-off. However, the timing of this surge complicates the situation. The inflow coincided with XRP holding at the critical support level of $2.73, which has recently effectively absorbed downward pressure.
Technical indicators such as the Relative Strength Index (RSI) and MACD show that selling pressure is easing, indicating that the sudden large inflow may not have directly entered the market. This could suggest strategic positioning, exchanges preparing liquidity for upcoming events, or large holders preparing to distribute their tokens.
Despite the increase in reserves, the price of this altcoin continues to rise. On Wednesday, after the U.S. Producer Price Index (PPI) data came in below expectations, the price broke through $3, marking an 8.43% increase for the month.
XRP saw a sudden increase in buying pressure over the weekend, catching traders off guard. Crypto analyst Dom pointed out that a market buy order for 3 million XRP triggered a chain reaction, with net buying pressure increasing by over 10 million within 15 minutes. Bulls continued the momentum on Sunday, with Coinbase reporting a net purchase of 8 million XRP, although market liquidity remained relatively low.
Market commentator Char Steingraber noted that XRP returned to the $3 mark, with a net inflow of $23.9 million and a total trading volume of $6.9 billion. This means that despite significant inflows, the price only increased by 0.7%. Although buying pressure is strong, high market liquidity continues to suppress short-term gains.
According to Cointelegraph, institutional demand for XRP futures is growing, with CME open interest rising by 74% to 386 million XRP. During the same period, overall futures demand increased by 5% to 2.69 billion XRP ($7.91 billion).
Nevertheless, XRP's monthly futures contracts are trading at a 7% premium to spot, indicating balanced leverage levels. However, compared to other altcoins that achieved double-digit gains in August, XRP's performance has been lackluster, despite ongoing ETF-related expectations boosting market sentiment, the overall outlook remains cautious.
Related: Opinion: The real arms race in the Asian blockchain industry is in block space, not TPS
Original: “XRP Exchange Inflows Saw 1.2 Billion Gain: Is This Accumulation or a Sell Signal?”
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