XRP News Today: XRP Sees $1.228 Billion Outflow From Binance Amid Geopolitical Tensions

Over the past week, XRP has experienced a significant outflow from exchange reserves, with approximately 614 million tokens exiting Binance. This reduction in exchange reserves, from 2.852 billion tokens on June 16 to 2.238 billion tokens on June 22, translates to around $1.228 billion at the current trading price of $2 per token. This substantial withdrawal suggests that investors may be transferring their XRP holdings to private wallets or cold storage, a move often interpreted as a bullish signal.

Such withdrawals are typically seen as an accumulation by long-term holders or institutions, which could alleviate near-term selling pressure. With fewer tokens available on exchanges, liquidity tightens, potentially amplifying price movements if demand increases. This trend comes amidst a broader market sell-off, influenced by rising geopolitical tensions in the Middle East, particularly following U.S. strikes on Iranian nuclear facilities. These events have added to the uncertainty already fueled by the escalating conflict between Tehran and Israel.

Beyond the geopolitical headwinds and market-wide bearishness, XRP is also influenced by several internal factors. These include expectations surrounding the resolution of the Ripple vs. SEC lawsuit and speculation over the potential approval of a U.S.-listed spot XRP ETF. These factors contribute to the overall market sentiment and could impact the future price movements of XRP.

At the time of reporting, XRP was trading at $2.03, reflecting a 3% increase over the last 24 hours. However, the token remains down roughly 10% on the weekly chart. Despite the recent intraday gains, market sentiment around XRP remains largely bearish. Technically, the token is trading below its 50-day simple moving average (SMA) of $2.29, indicating short-term weakness. On the upside, it remains above its 200-day SMA of $1.84, suggesting the longer-term trend is still moderately bullish. Meanwhile, the Relative Strength Index (RSI) sits at 36.26, pointing to possible upside if buying momentum increases.