Japan is in the news today after reports suggested that it is moving closer to launching an $XRP ETF through financial giant SBI Holdings. Meanwhile, Binance data revealed that more $XRP may be leaving exchanges than entering them – Something to watch during key price zones.
$XRPs plan for Japan
Japans SBI Holdings is reportedly preparing Bitcoin [BTC] and $XRP ETF plans for the Tokyo Stock Exchange, subject to regulatory approval.
The proposal is said to include a dedicated SBI Bitcoin $XRP ETF, along with a separate investment trust that combines gold and crypto exposure. This update came soon after Japan moved to classify crypto assets as financial instruments under updated financial rules.
Here, the timing is important, with it potentially helping institutional interest around the asset. Investors will also have another reason to watch how $XRP performs in the coming weeks.
Binance $XRP withdrawals lead deposits again
The aforementioned development is happening at an interesting time too. For instance – The 7-day deposit and withdrawal transaction metric revealed withdrawals at 51.5%, ahead of deposits at 48.4%.
Essentially, this means more $XRP transactions may be moving out of Binance than into it. That can matter because deposits often mean coins are moving to exchanges, where they may be sold.
Source: Cryptoquant
Withdrawals, on the other hand, can mean higher sell pressure in the near term.
Here, it‘s worth making note of the price zone. Something similar happened on 13 February when $XRP was also trading close to $1.38. It’s not aggressive yet, but withdrawal activity has been leading deposits at a familiar market level.
Is $XRPs price weak？
At the time of writing, $XRP was trading at $1.37 after slipping from its recent highs around the $1.50-zone. Thats some decent selling pressure.
Source: TradingView
The mood seemed to be cautious too. The RSI was below the midline, proving a lack of control from the buyers. The MACD had also turned negative.
So, while ETF hopes and metrics supported the positives, $XRP still needs a stronger price reaction. A recovery above the recent resistance zone would make things a bit more convincing.
Final Summary
- Japans SBI Holdings may be preparing crypto ETF plans for the Tokyo Stock Exchange.
- Binance data showed 51.5% $XRP withdrawals versus 48.4% deposits.
