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XRP news today: Binance and Upbit users offload more XRP

2 hours ago 627

The supply of XRP on Binance and Upbit cryptocurrency exchanges has continued to increase, signaling low bullish conviction among traders.

Over the past 24 hours, XRP investors deposited 53,658 tokens to Upbit, valued at $74,584 at press time. On the other hand, Binance users deposited 491,183 units, which is worth roughly $682,744 at the time of reporting.

As such, Upbit’s net holdings surged by 509,458,973 tokens, worth approximately $708 million, since February 2025. This increase means Upbit now holds 6,495,312,375 XRP, representing 40.25% of all tokens held by crypto exchanges.

Since February 24, 2025, Binance’s reserves for this altcoin have surged by 1,762,441,979 tokens, valued at $2.44 billion, according to data shared by X user @Chachakobe4er.At the time of publication, the largest crypto exchange by average daily trading volume held approximately 2,549,987,212 XRP, nearly 16% of the total supply on exchanges.

Consequently, with both crypto exchanges controlling the lion’s share of the altcoin’s average daily trading volume, their rising supply of reserves has intensified bearish sentiment.

XRP price faces bearish sentiment amid rising supply on top exchanges

Amid the rising supply of XRP into the top cryptocurrency exchanges, Finbold AI Agent – an advanced financial assistance leveraging several AI models – predicted further consolidation in a week’s time. Precisely, the Finbold AI Agent predicted that the price of this token could trade around $1.39 on May 11.

From a technical analysis standpoint, XRP price remains trapped in a multi-month correction, based on insight shared by trading expert Egrag Crypto. This analyst believes the token could drop to $0.95 before kickstarting its next bull run towards a new all-time high (ATH).