Recent on-chain data indicates that the spread between whale investors and retail investors on Binance has dropped to 88.3%, recording its lowest level in two years. The market interprets this not merely as a change in numbers, but as a fundamental shift in the circulation structure of Ripple (XRP) on exchanges.

The most notable aspect is the continuous downward trend in exchange supply. Generally, when investors withdraw coins to external wallets, it creates an effect that reduces the volume available for immediate sale in the market. In particular, analyses suggest that if retail investors' tendency to hold strengthens and the inflow of volume to exchanges decreases, it will significantly impact the future supply and demand balance of XRP.

Changes in the macro environment of the global market are also expected to have a positive effect on the cryptocurrency market. Recently, as the conflict between the United States and Iran entered a ceasefire phase, tensions in the global financial market have eased. It is observed that if the international commodity market regains some stability and risk aversion decreases, it could also positively impact the cryptocurrency market.

However, there are also views cautioning against immediate optimism. This is because the current XRP price is still stuck in a strong resistance zone. It is pointed out that a decrease in supply alone does not guarantee a price increase, and a meaningful trend reversal is only possible when an actual expansion in buying pressure is confirmed.

Accordingly, some analysts evaluate the current situation as a "quiet accumulation zone." This means that while there is no noticeable surge, a shift in the composition of investor entities and changes in exchange holdings are occurring simultaneously. Ultimately, the most significant recent change in the XRP market lies not in the price, but in the 'supply structure.' If the volume remaining on exchanges decreases and the proportion of retail investors rises, the possibility of a faster and more drastic price fluctuation than expected in the future cannot be ruled out.

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