Binance sends a negative signal for XRP
Often, it is the liquidity of major exchange platforms that determines the fate of cryptocurrencies, and the concentration of volumes on Binance makes it an indispensable barometer for strong market trends. While investors were waiting for the smallest sign of scarcity to justify a price increase, the latest fundamental data has cooled hopes for an immediate rally
XRP is facing a sharp rise in supply on Binance, causing its scarcity index to fall to the lowest level in more than three months.
This abundance of tokens reduces the chances of a rally, due to a lack of sufficiently strong demand to absorb the available volumes.
The pressure spread quickly to the derivatives market, leading to more than $13.5 million in liquidations, mainly in long positions.
These converging signals call for caution, as Binance becomes more than ever the main indicator of the dynamics of the $XRP
Often, it is the liquidity of major exchange platforms that determines the fate of cryptocurrencies, and the concentration of volumes on Binance makes it an indispensable barometer for strong market trends. While investors were waiting for the smallest sign of scarcity to justify a price increase, the latest fundamental data has cooled hopes for an immediate rally
XRP is facing a sharp rise in supply on Binance, causing its scarcity index to fall to the lowest level in more than three months.
This abundance of tokens reduces the chances of a rally, due to a lack of sufficiently strong demand to absorb the available volumes.
The pressure spread quickly to the derivatives market, leading to more than $13.5 million in liquidations, mainly in long positions.
These converging signals call for caution, as Binance becomes more than ever the main indicator of the dynamics of the $XRP