Sudden Reserve Spike Across Major Exchanges
XRP witnessed a sharp increase in exchange reserves across multiple top platforms on September 1, raising questions about market sentiment. According to data from CryptoOnchain, the reserve surge was observed across Binance, Bithumb, Bybit, and OKX, with Gate.io showing a smaller uptick.
The most notable change occurred on Binance, where XRP holdings jumped from 2.928 billion to 3.538 billion XRP, an increase of 610 million tokens. Similarly, Bithumb’s reserves climbed by 872 million XRP, while Bybit’s nearly doubled to 380 million XRP. OKX, with one of the smallest initial holdings, saw its XRP balance rise from just 112,000 to 233 million.
Accumulation at Key Support?
What caught analysts’ attention was the timing. These reserve spikes coincided with XRP retesting the $2.73 supportlevel—a historically significant price floor.
In a report, CryptoOnchain commented,
“The simultaneity of these four large accumulations, and that too at support, could be a sign of institutional coordination or an upcoming event.”
At press time, XRP trades near $2.95, up 3.96% over the past week. Technical indicators such as the RSI and MACD suggest reduced selling pressure, possibly signaling strategic accumulation.
One analyst noted,
“This could mean that the heavy buying by exchanges was aimed at accumulation rather than immediate injection into the market.”
