XRP Withdrawal Surge Hits Five-Year High as Price Tests Key Support
XRP withdrawal transactions on Binance and other centralized exchanges have surged to their highest levels in over five years, coinciding with the token's price retesting a crucial support range of $1 to $1.05.
This spike in withdrawals and drop in deposits suggests renewed demand for XRP, which could ease the year-to-date selling pressure on the token, currently down over 42%.
Additionally, Binance's XRP reserves have decreased in recent months, potentially limiting future sell-offs. If this trend continues, XRP's price may stabilize or improve amid ongoing bear market conditions.