Binance's $XRP reserves just hit 2.61B, the lowest since February, with price at $1.11 after a year-long slide from the $3 range.

The obvious read is less supply on exchanges means less selling pressure ahead. But reserves and price fell together almost the whole way down, not against each other.
So I'm not sure this is accumulation catching up to distribution versus just there being less XRP left to sell. Same chart, two very different setups.