XRP has experienced strong price performance in recent weeks, climbing over 12% in the past month and reclaiming notable price levels.
However, as of the latest trading session, the asset is showing signs of correction. At the time of writing, XRP is valued at $3.17, representing a 1.2% decline over the past 24 hours from its recent high of roughly $3.22.
The end of the case removed a significant source of uncertainty for the asset and sparked immediate price gains. However, on-chain data suggests that the rally may have been driven more by shifts within the existing investor base rather than by new market participation.
Exchange flow data offers additional insight. Both Binance and Upbit recorded notable spikes in depositing addresses just before and immediately after the SEC case outcome was announced. Historically, such inflow surges can signal that traders are positioning for profit-taking or short-term speculation.
Changes in exchange reserves further illustrate the evolving market structure for XRP. After a period of decline, Binance’s XRP holdings have been increasing again, while Upbit’s reserves have maintained a steady upward trend.
This reflects a growing role for the Asian market in supporting XRP trading volume. Conversely, OKX now holds almost no XRP, suggesting that most of its reserves have been withdrawn from the exchange.
If exchange reserves continue to build rapidly, the probability of a short-term correction could increase, especially if profit-taking accelerates.
Featured image created with DALL-E, Chart from TradingView
