XRP price held near $1.24 on October 30 after buyers defended the $1.23 support level, even as major cryptocurrency exchanges reported significant declines in their token reserves.
Between October 28 and October 30, Binance, Bybit, and Bithumb saw a combined reduction of 250 million XRP. Binance's reserves fell 8.18% to 2.47 billion XRP, marking the exchange's lowest XRP balance since December 2022. Bybit recorded a 6.54% decline from 306 million to 286 million XRP, while Bithumb lost 10 million tokens to reach 1.837 billion XRP. Upbit moved in the opposite direction, adding 20 million XRP to reach 6.44 billion.
The reserve decline coincided with Binance experiencing a security incident on October 29, followed by a temporary withdrawal suspension. This timing complicates interpreting the reserve movements, as exchange wallet changes can reflect theft, custody transfers, or customer withdrawals rather than necessarily indicating accumulation by investors.
Technical Indicators Show Weak Momentum
Daily chart analysis revealed subdued buying pressure. XRP recorded a Relative Strength Index of 36.55 and a Money Flow Index of 42.31, both readings below 50 and below neutral levels, suggesting sellers retained an advantage.
CryptoQuant's Network Value to Transactions ratio fell 54.77% over 24 hours to 54.69. Spot trading data showed $5.78 million in net outflows, though spot flows and exchange balances measure different activity.
Analyst Identifies Long-Term Chart Targets
EGRAG CRYPTO highlighted three descending trendlines and an Atlas Line rising support level traced to 2014 on XRP's monthly chart. The analyst noted that in previous cycles, XRP had struggled to reclaim the 21-period exponential moving average before rallying higher.
Based on Fibonacci extensions, the analyst identified potential targets of $6.80, $16.17, and $31.64 on a macro timeframe. These projections carry no assigned deadline and depend on the technical conditions outlined in the analysis developing as expected.
Immediate price action requires XRP to hold the $1.23 to $1.2352 support area. A sustained recovery above $1.25 would improve the near-term technical structure as buyers work to rebuild momentum.
