XRP Bulls Face Rising Exchange Supply as Price Hovers at $1.55
XRP has rebounded to $1.55 after bouncing back from its dip near $1.39 on September 20th. The price continued to rise, reaching a high of $1.55 before sellers halted the advance.
The slight retracement kept the bullish structure intact, giving bulls another chance to clear the $1.55 level and accelerate upside momentum. If buyers can decisively break through this barrier, it may help remove immediate overhead sell pressure and propel XRP higher.
However, XRP's rally is occurring amidst rising exchange supply, particularly on Binance. The platform's reserves have increased to approximately 2.68 billion XRP, up from nearly 2.55 billion during the summer decline. This surge in trading activity has drawn additional liquidity onto exchange order books.
Despite the increasing reserves, there is no evidence of buying pressure, and average daily XRP deposits have actually reached about 663% above the quarterly baseline during active trading sessions. However, rising withdrawals quickly offset these inflows, leaving Binance reserves only 0.22% above baseline.