XRP Eyes Another Rally as Exchange Reserves Decline to 2.74 Billion

$XRP appears to be closing the week on a bullish note as its tracing price is beginning to show strength and its exchange flow shows rising demand.

As momentum begins to return, $XRP has seen a sharp wave of renewed optimism among investors as on-chain metrics show that traders are more willing to buy or hold the asset rather than sell.

$XRP regains momentum

Despite seeing prolonged negative trading activities during the week, $XRP’s exchange reserve has dropped by about 0.47%, signaling increased demand, and market sentiment flips positive.

According to data from crypto analytics platform CryptoQuant, the amount of $XRP left in supported exchanges like Binance and others has dropped to 2,748,007,351 as of Friday, April 10.

This marks a substantial decrease from the 2,761,849,617 $XRP recorded in the previous day as selling pressure begins to subside, suggesting that $XRP is on track for a major price rebound soon.

$XRP headed for $1.40

The bullish exchange reserve comes as $XRP shows a mild price increase of 1.67% over the last 24 hours, pushing its price back to the $1.35 level.

With such an exchange flow, the gradual surge in $XRP’s price over the past day is not entirely a surprise as sudden decreases in exchange reserves, especially for $XRP, often suggest that holders are transferring $XRP into private wallets.

Unlike when they are moved back to exchanges, the withdrawal of these tokens is a key signal for increased buying activities, which could propel the price of $XRP to higher surges. Hence, $XRP may be set to reclaim $1.40.