XRP Scarcity on Binance Reaches Multi-Year High Amid Market Volatility
- XRP is trading at $1.3510, showing a slight daily increase of 1.75%.
- The XRP scarcity indicator on Binance has reached its highest level since 2024, now at 0.59.
- Investors are moving XRP from exchanges to private wallets, indicating long-term holding behavior.
- The market structure shows a descending pattern with lower highs since July, and the current price defense is at $1.15.
- A death cross occurred as the XRP’s short-term moving averages crossed below longer-term ones, suggesting ongoing bearish momentum.
The data indicates that while XRP’s price remains fragile at $1.35, the scarcity index suggests fewer participants are willing to sell at this level due to increasing investor confidence and reduced exchange supply.
This shift towards an accumulation phase may support future price stability if overall market sentiment continues to improve and exchange supplies contract further.(Source)
