XRP has sharply risen above the crucial $1.50 level as its heavy exchange activity continues to drive renewed momentum, setting a new price target for the asset around $1.80.
With XRP seeing a prolonged price rally over the recent days, the latest data from crypto analytics platform CryptoQuant shows that the world's largest cryptocurrency exchange, Binance, has recorded a sharp increase in XRP inflows.
XRP inflows surge on Binance
Notably, the data shows that the number of average daily XRP deposits on the exchange has increased to about 21.7 million tokens during the week ending September 20.
While this marks an increase of 663% above Binance's quarterly baseline, there is an interesting twist to the metric, as the increase in XRP deposits has not influenced any corresponding increase in the amount of XRP tokens available on exchanges.
According to the data, XRP reserves on Binance have stood still at about 2.63 billion XRP, standing only about 0.22% above the quarterly baseline.
While the data also shows that weekly reserves surged modestly by only 0.34%, it appears that the increasing buying activity on the exchange has continued to absorb the tokens flowing into the exchange.
XRP on track to hit $1.80
Following the surge in XRP's exchange activity on Binance, XRP has surged by over 5% over the last 24 hours, hitting an intraday high of around $1.59.
While XRP has continued to increase, smashing the $1.50 key resistance level, it has now opened the path to the long-anticipated $1.80 level, sparking optimism among market participants.
Arman Shirinyan
Dan Burgin
