XRP (XRP) has been trading in a key “value zone” where whales have recently accumulated $170 million, signaling a tightening supply of liquidity.
Key takeaways:
- XRP whales have withdrawn 122 million XRP worth $170.8 million from Binance, while the price is near the key support of $1.35-1.40.
- Outflows from exchanges and steady inflows of spot XRP ETFs point to tightening supply and growing demand for XRP.
- XRP price could reach $2.33 if bulls break through the resistance at $1.50, with Bollinger Bands indicating a large move ahead.
122 million XRP withdrawn from the Binance exchange
According to CryptoQuant data, XRP whale withdrawals and vast exits above 1 million coins per transaction reached 122 million on Binance on May 22, worth approximately $170.8 million at current rates.
This marked their first daily payout above 1oo million XRP since the 278 million XRP recorded in early February.
“What makes the latest move more important is the pricing context” – Amr Taha, CryptoQuant analyst he said in Monday’s QuickTake post.
It is essential to note that the February 9 withdrawal spike occurred when XRP was trading near $1.43, while the May 22 spike occurred when XRP was trading around $1.35.
“This makes the $1.35-$1.40 range an important zone to watch for XRP” – Analyst he said in another QuickTake post, adding:
“Repeated drawdowns around the same price range may indicate that some larger players view this area as a value zone.”
XRP: Whale outflow from exchanges. Source: CryptoQuant
Such outflows typically indicate accumulation by vast holders who move tokens into self-storage or enhance exposure to XRP investment products, thereby reducing immediate selling pressure.
Meanwhile, flows into US spot XRP ETFs continue, with these investment products recording positive flows for 16 consecutive days, totaling $116.75 million.
ETH ETF spot flow chart. Source: SoSoValue
The price of XRP must include support at $1.30
Since the beginning of February, the XRP/USD pair has been oscillating in a tight range between $1.30 and $1.50.
XRP’s bullish rally currently hinges on maintaining the $1.30 support level if it “gets another chance to retest the $1.50 resistance,” ChartNerd analyst he said in the last post on X.
“$1.30 is the current barrier,” the analyst said, adding:
“In the event of a loss, a deeper decline to the $1 floor area is likely in the coming weeks.”
XRP/USD daily chart. Source: X/ChartNerd
XRP is trading in a multi-year range from May 2022 to November 2024. Ultimately, a break above the upper end of this range at $0.68 preceded a 400% rally to $3.40 in January 2025.
If the XRP/USD pair holds within its current range, a similar upward move could be seen after achieving a decisive move supported by mighty volume above the upper limit at USD 1.50.
Three-day XRP/USD chart. Source: Cointelegraph/TradingView
Meanwhile, Bollinger Bands are still at their narrowest levels since mid-2024. Similar events have previously led to a 58-82% enhance in the price of XRP, as shown in the chart above.
Therefore, XRP could rise as high as $2.33 if a similar breakout scenario materializes.
Crypto Analyst Patel referred to to the current range as the “best accumulation zone”, adding that the subdued price action resembles composed ahead of a major breakout in overdue 2024.
The analyst’s secondary target is $10, which represents an approximate 7x potential from the lower end of the accumulation range if XRP repeats its cyclical-style expansion in 2022-2024.
XRP/USD biweekly chart. Source: X/Crypto Patel
As Cointelegraph reportedgeneral resistance at $1.40-$1.50 will likely keep price in check unless bulls gain the strength to overcome it over the next few weeks.
