XRP (XRP) traded at $1.59 on Sep. 23 as Binance reserves climbed to a three-month high, adding a liquidity question to the token’s latest rally.
Key Points:
- XRP traded at $1.59, with a 24-hour range of $1.5577 to $1.6561.
- Binance held about 2.68 billion XRP, its highest reserve balance since June.
- Deposits ran 663% above the quarterly baseline, while withdrawals also rose.
XRP Reserve Buildup
Binance held roughly 2.68 billion XRP, its highest balance since June, after reserves rebuilt from a period of decline. The exchange balance increased while XRP traded in a 24-hour range of $1.5577 to $1.6561.
Deposits ran 663% above the quarterly baseline, while withdrawals also increased, a combination that points to heavier exchange activity rather than a simple one-way move into sell-side inventory. That distinction matters.
The price also moved above the $1.55-$1.56 area that had repeatedly capped earlier advances, turning that zone into the main support level in the technical setup. Cryptonews said breakout volume was elevated. It also cited 3,647 new wallets as XRP moved above $1.64.
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CryptoQuant Market View
CryptoQuant said the higher exchange balance should not automatically be read as a bearish signal. “A rise in reserves does not necessarily mean that XRP holders are preparing for an immediate sell-off.”
A daily close above $1.65 would keep $1.80 in the bullish scenario cited by Cryptonews, although the report described that target as speculative rather than a consensus institutional forecast. A loss of $1.55 would reopen the $1.48 area, while consolidation between $1.55 and $1.65 remains the middle scenario.
The report also cited a reported $30 million convertible note involving Evernorth and NH Investment & Securities, intended for XRP purchases ahead of a Nasdaq vote, but said the financing still required confirmation. It also referenced talk of $2.2 billion in institutional flows while acknowledging that verifiable detail remained limited.
Earlier in the move, XRP traded around $1.50 before reclaiming $1.55 and reaching as high as $1.6561 on Sep. 23. That recent swing leaves the market between newly reclaimed support and the $1.65 resistance area, with the $1.80 case dependent on a sustained breakout rather than reserve growth alone.
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