US spot XRP ETF holdings have piled up to nearly 1.2 billion tokens, roughly the same amount as the batch Ripple was set to release on October 1st. In the past 24 hours ($XRP ), it only rose by +1.1%.
On Binance, trading volume isn't small, but the price isn't responding, with open interest continuing to rise. Positions are increasing, and selling pressure slightly outweighs active trading; there's a lack of buying pressure to push the price up.
This situation is essentially putting the October 1st supply on the table in advance, with buying pressure and the upcoming new supply facing off on the same table.
Two things need to be considered: can the ETF inflows continue, and can the price hold up when the supply actually arrives? If they don't connect, this wave will only result in increased open interest and a stagnant price.
#HackersDrainOver12.4MXRPFromDCENTWallets
On Binance, trading volume isn't small, but the price isn't responding, with open interest continuing to rise. Positions are increasing, and selling pressure slightly outweighs active trading; there's a lack of buying pressure to push the price up.
This situation is essentially putting the October 1st supply on the table in advance, with buying pressure and the upcoming new supply facing off on the same table.
Two things need to be considered: can the ETF inflows continue, and can the price hold up when the supply actually arrives? If they don't connect, this wave will only result in increased open interest and a stagnant price.
#HackersDrainOver12.4MXRPFromDCENTWallets
