Binance’s XRP Reserves Plummet: Signaling Potential Supply Squeeze?

XRP rebounded this week, defying early market uncertainty and exceeding the $2 mark. This bounce indicates a strong underlying demand despite the volatility. Yet, off-chart developments at Binance raise intriguing questions about the future of XRP price movement. New data reveals a sharp decline in Binance’s XRP reserves, plunging to around 2.7 billion tokens – one of the lowest levels ever recorded on the exchange. This withdrawal trend coincides with declining prices but remains consistent throughout market swings, potentially signaling long-term holders are moving assets into self-custody or traders anticipating future price action.