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XRP XRP briefly broke through US$1.7 and fell back to around US$1.4. Whales withdrew money from Binance on a large scale.
XRP briefly broke through US$1.7, and is currently stable at around US$1.4. Although the token appears to be encountering resistance after experiencing a sharp rise, whale withdrawals from the Binance exchange have soared to their highest level in six months.
According to the latest findings from CryptoQuant analyst Darkfost, large holders have transferred more than 231 million XRPs from the exchange.
There are obvious signs of whale hoarding
The total value of these withdrawals in a single day exceeds US$335 million, well above the 90-day average of approximately US$40 million. Darkfost described the move as sudden and strong compared to recent trends and noted a significant change in behavior among large XRP holders.
The surge in whale capital outflows comes as the total market value of the crypto asset has increased by US$25 billion in the past week, during which time token prices have increased by more than 40%.
According to analysts, this trend may have contributed to XRP's strong market performance and regained market attention. Darkfost said if this hoarding trend continues, the asset may test the $2 level in a relatively short period of time.
This week, Ali Martinez pointed out that XRP network activity has jumped significantly, with the number of active addresses increasing from 47,180 to 356,070. This represents a surge of more than 654%, and this activity typically indicates increased participation and may be accompanied by more drastic price fluctuations.
Is there trouble ahead?
However, the derivatives market showed short-term pressure on XRP after the tokens cleared liquidity near resistance levels and fell back into the main support area. The long liquidation amount was approximately US$4.66 million, a daily increase of 31.82%; while the short liquidation amount was approximately US$1.13 million, a daily increase of 61.61%.
Although the percentage of short liquidations increased even more, the total amount of long liquidations was almost four times that of the former. This suggests that the correction after the recent rally has forced a large number of leveraged long positions out of the market, meaning the sell-off is driven by a combination of spot sales and leveraged position liquidation.
CryptoQuant explained that while this confirms the current bearish pressure, the clearing of leveraged positions could ultimately make room for a healthier rebound.
Meanwhile, the XRP's Money Flow Index (MFI) has dropped from around 60 to 35.89, indicating that the buying forces that supported previous price movements have weakened significantly. However, the MFI is still above 20, which means that the crypto asset has not yet entered the technical oversold area and may still face further downside risks.
