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XRP Darkfost report: During the 70% increase in XRP, whales extracted more than 231 million XRPs from Binance, worth more than US$335 million.
Egrag Crypto regards US$0.98 as a key price for XRP, while paying attention to whether the bullish bi-monthly chart pattern can be confirmed.
With whale withdrawals well above the 90-day average, XRP's market value increased by $44 billion in three days.
Whale withdrawals hit a six-month high. Analysts focus on the bimonthly bullish swallow pattern.
Large whale withdrawals appear in the XRP. Analysts are also tracking a bimonthly bullish swallow pattern near the bottom of important prices. Analyst Darkfost said the whale extracted more than 231 million XRPs from Binance in one day. Analyst Egrag Crypto regards US$0.98 as a key price and is also concerned about whether the bimonthly closing price can provide confirmation.
XRP Whales withdrew more than 231 million tokens
Darkfost reported that XRP's outflow of whale funds from Binance reached its highest level in six months. The amount of withdrawals in a single day exceeded 231 million XRPs, valued at more than US$335 million.
It is worth noting that the 90-day average withdrawals are about US$40 million, so the latest outflow is much higher than the recent average. The withdrawals came as XRP's market value increased by $44 billion in three days.
According to Darkfost, XRP increased by more than 70% during this period. The analyst linked withdrawals to the hoarding movements of whale holders.
Egrag Crypto focuses on XRP's US$0.98 price point
Egrag Crypto is tracking the bullish engulfing structure on the XRP bimonthly timeline. He said similar structures that emerge near major bottoms tend to keep extreme lows unchanged. However, the analyst pointed out that this pattern does not prevent XRP from retesting lower prices.
Conversely, he believes that US$0.98 may be the main low that has been formed. Egrag Crypto also pointed out that XRP rarely recovers its seven-week moving average on the first attempt. According to his analysis, the recovery process usually requires two to three K lines. However, Egrag Crypto said the XRP still needs a strong bi-monthly closing price for confirmation.
Analysts track different triggers for XRP
These two analysts focus on different indicators when reviewing the latest trend of XRP. Darkfost tracks exchange withdrawals and whale activity, while Egrag Crypto focuses on price structure.
Egrag Crypto expects to provide a stronger window for gains from October to December. XRP's market value increased by $44 billion in three days. At the same time, Binance's whale withdrawals hit a six-month high.
Darkfost said that continued hoarding behavior may support the XRP test for $2. Egrag Crypto continues to emphasize the importance of $0.98 and the confirmation signal of the bi-monthly timeline.
