$200 Million Evaporated in 3 Days... What Happened to XRP?

▲ Ripple (XRP) ©CoinReaders

Over $200 million worth of XRP (Ripple) evaporated in just 3 days, leaving the market at a crossroads over whether to interpret it as 'selling or accumulation'.

According to crypto media outlet Finbold on April 20 (local time), the amount of XRP assets held on global exchange Binance decreased from approximately $4.08 billion on April 17 to approximately $3.862 billion on April 19, showing a reduction of approximately $224 million. This data was compiled based on CryptoQuant's on-chain metrics.

During the same period, the price of XRP also fell from $1.476 to $1.395, with both a decrease in exchange holdings and a price drop occurring simultaneously. This trend is interpreted as being primarily influenced by increased selling pressure across the broader cryptocurrency market, rather than simply large-scale withdrawals.

However, a large-scale reduction in such a short period is also read as a signal beyond simple price fluctuations. A decrease in exchange holdings simultaneously suggests the possibility of movement to external wallets or an actual increase in selling, and analysis suggests that this could increase further downward pressure, especially in an environment of shrinking supply. On the other hand, if some funds have moved to self-custody, it could act as a factor to alleviate selling pressure in the medium to long term.

The price trend also remains unstable. After touching the psychological resistance level of $1.50 on April 17 during intraday trading, XRP retreated and showed weakness, currently trading around $1.42, down approximately 0.6% over 24 hours but up approximately 6.6% over the week. It has been fluctuating within the lower range of its recent trading channel, failing to establish a clear direction.

Technically, while the $1.35-$1.38 range has formed as a major support level, Bitcoin (BTC) and Ethereum (ETH) have also failed to show clear direction, limiting the upward momentum of altcoins in general. The market has entered a phase of observation, focusing on further supply and demand changes for the time being.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*