XRP Surges to $1.59 as Binance Reserves Hit Three-Month High

XRP surged to $1.59 on September 23 as Binance's XRP reserves reached their highest level since June, sparking questions about liquidity.

The exchange held approximately 2.68 billion XRP in its reserves, a significant increase from the previous period of decline. This rise in reserves coincided with a 24-hour trading range of $1.5577 to $1.6561 for XRP.

Deposits on Binance skyrocketed by 663% above the quarterly baseline, while withdrawals also increased, suggesting heavier exchange activity rather than a one-way move into sell-side inventory. This distinction is crucial in understanding the dynamics of XRP's price movement.

Cryptonews noted that the breakout volume was elevated as XRP moved above $1.64, and 3,647 new wallets were created during this time. CryptoQuant also weighed in on the matter, stating that a rise in reserves does not necessarily indicate an impending sell-off by XRP holders.