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.
Dan Burgin
U.Today Editorial Team
