Despite the continued correction in XRP's price, its foreign exchange reserves have shown a notable decline over the past day, increasing optimism among holders.
According to data provided by on-chain analytics platforms, XRP reserves on all supported exchanges have shown a slight shortfall of approximately 2% over the past 24 hours.
Purchased $336 million in XRP in one day
In particular, a graph published by the data source shows that the XRP reserves of all exchanges decreased by 149.158 million XRP, or approximately $336.4 million, in just 24 hours.
Therefore, the total XRP present on all supported exchanges is worth approximately $6.82 billion as of November 11th.
In particular, a sudden decrease in XRP foreign exchange reserves often suggests that holders are transferring XRP to private wallets, which is an important signal for increased purchasing activity and can prompt price increases.
Additionally, this indicator often strongly signals long-term confidence and decreasing selling pressure. Therefore, the continued decline in XRP price does not appear to be due to a market decline. Rather, the asset may only be reacting to the trajectory of the broader crypto market.
XRP bulls expect first XRP ETF launch on Thursday
Currently, the broader cryptocurrency market is witnessing a severe price correction, with the prices of major cryptocurrencies recording significant daily declines, but the sudden increase in XRP reserves is surprising.
Although this indicator is inconsistent with XRP's current price trajectory, it appears that whales are scooping up the token at a discount and are buying a push in XRP in preparation for big price moves ahead.
Additionally, the resilience shown by XRP holders amid increased market volatility appears to have been driven by heightened expectations surrounding the first-ever spot XRP ETF, scheduled to launch tomorrow, November 13th.
Following the launch of this product, XRP is poised to offer institutional-level access, further increasing its appeal to both retail and institutional investors. As such, there is speculation that XRP whales may be quietly accumulating tokens, betting that supply will be tight once Canary Fund spot XRP ETF trading begins.
