Whale Withdrawals Spark Bullish Structure in XRP
XRP has been drawing attention in recent days due to significant withdrawals from exchanges by whales. According to data provided by CryptoJack, institutional investors have withdrawn large amounts of XRP tokens from Binance over the past few days. This outflow was the largest from the platform in six months, with a staggering 231 million tokens being transferred.
These massive withdrawals often occur when XRP experiences price spikes, such as its recent 32% rebound over the past 30 days. The movement suggests that larger holders are moving assets from exchanges to private wallets for long-term holding, rather than selling in the short term.
The current price of XRP hovers around $1.39, down from recent highs of $1.54 and $1.68 on Tuesday and Sunday respectively. However, the asset has stabilized at the $1.40-$1.39 support area, indicating that whales are taking advantage of the correction to increase accumulation and token outflows.
The data suggests strong accumulation and decreased selling pressure, strengthening XRP's bullish structure. Additionally, a weekly timeframe analysis shows that XRP is forming a bullish fractal pattern, which often precedes a significant market rally.
Analysts believe that XRP may be ready to surge towards the $1.80 target following its recent 70% monthly rally, marking the end of its bear market. While this prediction remains uncertain, one thing is clear: whales are actively positioning themselves for an imminent continuation move.