XRP whale outflows surged across major exchanges, according to CryptoQuant data. Analyst Amr Taha reported a sharp rise in large-holder withdrawals despite continued weakness in XRP price action.
On Binance, transactions above one million XRP accounted for over 60% of total outflows on April 26. Coinbase recorded similar activity, with whale withdrawals reaching 33% dominance across multiple sessions.
With both Coinbase and Binance seeing increases in whale withdrawals, it appears XRP outflows are increasing across several exchanges.
What Do Rising XRP Whale Outflows Mean?
Increased whale withdrawals from exchanges such as Coinbase and Binance mean that those whales are removing XRP from trading platforms. In many cases, this represents lower immediate selling pressure due to fewer sellers on the market.
Additionally, this can represent higher off-exchange token custody activity. Given that both Coinbase and Binance are seeing significant amounts of XRP being withdrawn by whales, this could signal a shift in supply dynamics if sustained.
However, the XRP whale outflows don’t guarantee that whales are buying up the token. For example, if prices remain at current lows with no clear signs of buyers stepping in to drive prices higher, there is little evidence of whales accumulating tokens.
Only when there is a consistent pattern of increasing demand will we be able to assume that whales are actively accumulating the token.
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Current XRP Price Analysis Suggests Weakness
Using the price chart from TradingView, it appears that XRP continues to trade down at approximately $1.36, with further downward pressure continuing to build. Over the last 24-hour period, according to CoinMarketCap, the price has actually fallen slightly.
Source: CoinMarketCap
Both the moving averages and indicators from TradingView suggest XRP is still well below key resistance levels. Specifically, the 50 EMA sits at about $1.40, while the 200 EMA resides roughly at $1.39.
Over recent trading days, the price of XRP was repeatedly rejected below these levels. Thus far, we’ve yet to witness a series of sustained upward price movements associated with these whale withdrawals.
Weak Technical Trend Structure
Using technical indicators available through TradingView, the relative strength index (RSI) is currently sitting at approximately 32. This value is close enough to oversold to potentially suggest a temporary rebound. However, it does not necessarily mean a reversal is occurring.
Furthermore, the MACD indicator is negative, implying that there is still ongoing bearish momentum. Histogram data show continued selling pressure during the most recent trading sessions.
Low volume exists during all periods of attempted recoveries, which correlates directly with the lackluster demand shown in this XRP price analysis.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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