XRP continues to garner momentum as market returns to the positive side
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.
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.
