🔻 The increase in XRP balances on major exchanges raises fears of mass selling 💥
$XRP
The XRP token has dropped to below $2, nearly wiping out all its gains since the beginning of the year. Meanwhile, XRP balances on major exchanges like Binance and Upbit have risen significantly, with Binance's balances reaching 2.72 billion XRP and Upbit around 6.3 billion XRP, which is about 10% of the circulating supply.
Experts indicate that this increase may heighten selling pressure, particularly with the movements of whales transferring their tokens to exchanges. Additionally, XRP ETF funds experienced temporary withdrawals on January 7 and 20 due to geopolitical tensions, but still maintain a positive net inflow of $1.23 billion as of January 23.
On the other hand, there are supportive factors for the token, such as increased demand for DeFi products on the XRP Ledger and the expansion of RLUSD – Ripple's stablecoin – in several global partnerships.
Important market levels:
Critical support at $1.88 → Holding above this may retest $2.40.
Breaking support → Could push the price down to $1.25 or lower.
📌 Summary: XRP faces increasing selling pressure, but strong support and institutional demand may prevent a sharp decline. Keep a close eye on price movements before making any investment decisions.