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With $XRP seeing a major resurgence in its price over the past few days, it has continued to break major ground on leading crypto exchanges.
Amid these bullish waves, reserves of $XRP on Binance have reached levels not seen before according to data from Cryptoquant.
While this has attracted the interest of investors, the achievement coincides with a broad crypto market rally which has also seen $XRP trade on the positive side and its price breaking major ground.
Binance $XRP reserves near $3.6 billion
Data provided by the source has revealed that $XRP reserves on Binance have reached an all-time high of 3,591,448,683 $XRP on September 9th.
While hype surrounding the leading altcoin has continued to surge following Ripple’s recent developments and the buzz surrounding the upcoming $XRP ETF launch, the achievement recorded on Binance signals renewed market activity and heightened investor interest in the asset.
Although the market had just recovered from a massive market bloodbath which saw $XRP fall below the $2.8 mark on September 8th, the market saw a sudden flip in investors’ sentiment over the next day. The bullish market performance that saw $XRP return to the green side on Sept 9 also extended its positive momentum across the Binance ecosystem.
As such, the exchange recorded its all-time high $XRP reserves on September 9, holding 3,591,448,683 $XRP. At the time, the token traded at an average price of $2.947 throughout the day, projecting signs of a potential breakout.
While increases in exchange balances on specified cryptocurrencies have often reflected a combination of institutional accumulation, whale repositioning, and heightened trading activity, the $XRP community is excited about this milestone.
Apart from $XRP, other top cryptocurrencies have also built incredible momentum as the surge coincides with a broader wave of optimism in the crypto market. Notably, the milestone further establishes $XRP as one of the most actively traded tokens on Binance. This marks something big for the $XRP ecosystem as Binance remains the largest venue for $XRP liquidity all around the globe.
With the rise in $XRP reserves showing signs of surging market confidence and increased demand for the asset, market watchers are confident that the $3.6 target for $XRP is around the corner.