XRP has been one of the standout performers in the crypto market over the past month. Its price has soared by 72% amid a broader altcoin rally fueled by Bitcoin’s march to new all-time highs.
However, two critical on-chain indicators now suggest that this uptrend may be losing steam, raising the risk of a near-term reversal.
XRP Traders Brace for Pullback as On-Chain Signals Flash Red
First, XRP’s exchange reserve on leading exchange Binance has spiked sharply, reaching its highest level of the year. According to CryptoQuant, XRP’s exchange reserve—measured using a seven-day moving average—closed at a year-to-date high of 2.98 million tokens on July 22, valued over $10 million at current market prices.
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A spike in an asset’s exchange reserve indicates that more tokens are being moved onto centralized exchanges, often in preparation for selling. When investors transfer large amounts of a coin to exchanges, they may be positioning to take profits or exit positions.
In XRP’s case, the surge to a 2.98 million token reserve implies heightened selling intent. If this influx of supply is not met with equal or greater demand from buyers, downward pressure on XRP’s price could quickly build.
Furthermore, CryptoQuant’s data shows that XRP’s taker buy/sell ratio has consistently remained below one since July 10. As of this writing, the metric stands at 0.94
An asset’s taker buy-sell ratio measures the ratio between the buy and sell volumes in its futures market. Values above one indicate more buy than sell volume, while values below one suggest that more futures traders are selling their holdings.
The fluctuation in XRP’s taker buy/sell ratio below one over the past two weeks points to a sell-off trend among futures traders as its price climbs. This mounting sell-side pressure confirms weakening sentiment and could trigger price declines over the next few sessions if it continues.
XRP Bulls Face Key Test at $3.22
At press time, XRP trades at $3.47, just below its all-time high of $3.66. However, mounting sell-side pressure increases the probability of a near-term correction toward the $3.22 support level.
Should this floor give way, XRP could extend its decline to around $2.87.
However, if selling pressure eases and fresh demand enters the market, the altcoin may reclaim its price peak and potentially chart new gains beyond $3.66.
Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee as we analyze Standard Chartered’s Bitcoin (BTC) price projections. According to the bank, Bitcoin price could hit $500,000 as global institutions accumulate Strategy’s MSTR stock for indirect exposure to Bitcoin.
Crypto News of the Day: Standard Chartered’s Bold Bitcoin Prediction
Bitcoin was trading for $105,178, up by a modest 2.27% in the last 24 hours. In recent developments, the pioneer crypto market capitalization has ascended to an all-time high of $2.09 trillion.
However, analysts hold that institutional interest has much to do with Bitcoin’s value surge. Firstly, Bitcoin ETFs (exchange-traded funds), which offer Traditional Finance (TradFi) players indirect exposure to BTC, drive institutional interest.
In the same way, institutions are gaining indirect exposure to Bitcoin via Strategy’s MSTR stock. A recent US Crypto News publication indicated that Strategy (formerly MicroStrategy) held 576,230 BTC as of May 19.
Holding a significant amount of Bitcoin on its balance sheet, Strategy’s MSTR stock price correlates closely with Bitcoin’s price movements.
MSTR vs. BTC performance in the past year. Source: ivanhoff.com on X
Analysts ascribe this correlation to a dynamic where Bitcoin is the base layer while MSTR operates as a vehicle with different risks, mechanics, and rewards.
Against this backdrop, BeInCrypto contacted Geoff Kendrick, Head of Digital Assets Research at Standard Chartered. According to Kendrick, Bitcoin is still on course to hit $500,000 before the end of Trump’s second administration.
Kendrick ascribes this to deepening institutional adoption, particularly through indirect exposure via MicroStrategy’s MSTR shares.
Standard Chartered Says Increasing Allocations to MSTR Is Bullish for Bitcoin
Newly released Q1 2025 13F filings from the US SEC (Securities and Exchange Commission) support the bank’s bullish thesis. Specifically, Strategy saw increasing allocations to MSTR by a range of global sovereign and quasi-sovereign entities.
“As more investors gain access to the asset and as volatility falls, we believe portfolios will migrate towards their optimal level from an underweight starting position in Bitcoin,” Kendrick said in an email to BeInCrypto.
While direct holdings of Bitcoin ETFs declined slightly overall, largely due to the State of Wisconsin Investment Board selling its entire 3,400 BTC-equivalent position in BlackRock’s IBIT ETF, other entities quietly increased exposure via MSTR, which Kendrick described as a “Bitcoin proxy.”
“Government entities increased their holdings of Strategy Incorporated (MSTR), which typically trades like a Bitcoin proxy. Entities in Norway, Switzerland, and South Korea reported significant MSTR increases, and Saudi Arabia added a very small position for the first time,” Kendrick told BeInCrypto.
The Standard Chartered executive emphasized that while Bitcoin ETF flows were “unexciting,” the MSTR accumulation trend was the real story this quarter.
“The MSTR ownership detail was where the excitement was,” he added.
Geoff Kendrick went further, detailing Standard Chartered’s analysis of the filings. Based on their analysis:
Norway added 700 BTC-equivalent via MSTR, now holding 6,300 BTC-equivalent.
Switzerland also added 700 BTC-equivalent, reaching 2,300 BTC-equivalent.
South Korea added 700 BTC-equivalent, bringing its total to 1,300 BTC-equivalent.
US state funds (California, New York, North Carolina, Kentucky) added 1,000 BTC-equivalent collectively, now at 3,300 BTC-equivalent.
Saudi Arabia’s Central Bank opened a small MSTR position—its first.
Meanwhile, Abu Dhabi’s quasi-sovereign wealth fund Mubadala added 300 BTC equivalent via ETF holdings, increasing its position to 5,000 BTC equivalent.
“SEC 13F data for Q1 supports our thesis that Bitcoin is attracting a wider range of buyers. While data on Bitcoin ETF holdings was disappointing, MSTR – a Bitcoin proxy – saw increased buying. Overall sovereign positions were unchanged due to the Wisconsin pension fund selling its ETF holdings,” Kendrick concluded.
The data reinforce Standard Chartered’s outlook that institutional and sovereign flows—both direct and indirect—will be a key driver of Bitcoin’s ascent to $500,000 in the coming years.
Chart of the Day
Governement holdings of BTC ETFs and MSTR. Source: Standard Chartered
This chart illustrates the total government holdings of Bitcoin ETFs and MicroStrategy’s MSTR stock from Q4 2023 to Q1 2025, measured in ‘000 (thousands) BTC equivalents. Based on the chart, holdings have grown steadily, peaking in Q1 2025 at around 18,000 BTC.
The chart shows that key contributors include Abu Dhabi (ETFs), Norway, Sweden, South Korea, France, New York, Wisconsin (ETFs), Michigan (ETFs), Switzerland, Liechtenstein, California, North Carolina, Saudi Arabia, and Kentucky, with varying contributions across quarters.
Byte-Sized Alpha
Here’s a summary of more US crypto news to follow today:
The Trump International Hotel and Tower in Dubai will accept Bitcoin and other unspecified cryptoassets for real estate purchases. The project won’t be completed for five years, so details are somewhat sparse.
Although the Tower will include a hotel and clubhouse for tourists and temporary guests, crypto payments are only available for condo acquisitions. Permanent occupancy units will sell for between $1 million and $20 million each.
Trump’s Dubai Project Mixes Crypto and Real Estate
According to a report from The National, Eric Trump is apparently his family’s main representative in this plan. The Trump Organization is building the Trump International Hotel and Tower in Dubai, and Eric is its executive vice president.
He gave several comments describing the plan to accept crypto payments:
“[The Tower] is going to be the first truly large-scale project that accepts Bitcoin, that accepts cryptocurrency to purchase units, and that’s really exciting for me, because I love that world and I am deeply invested in that world. I believe in cryptocurrency. When I can see two worlds that I truly love come together, it’s very exciting,” Eric Trump claimed.
Trump name-dropped Bitcoin as an asset that enables these purchases, but he didn’t describe any other specific tokens. To be clear, the Tower will contain both a hotel and condominiums for permanent occupancy; only the latter can pay with crypto.
The Trump family is partnering with Dar Global, a London-listed company, to launch this $1 billion Dubai development project. Its two penthouses will have a $20 million asking price, while other condos will go for between $1 and $1.2 million.
If everything goes according to plan, the Tower will open its doors in five years.
A new address is arriving soon: Trump International Hotel & Tower Dubai.
Since construction is still in its early stages, details about the project are relatively sparse, but it enjoys several solid fundamentals. Its success could be a valuable proof of concept for real estate developments worldwide.
