XRP has been dragged lower by the broader crypto sell-off, but large holders appear to be buying the dip. The token is trading near $1.24, down 5.4% in 24 hours and 4.9% over the week, according to market data. On-chain data, however, shows big investors adding to their positions.
Crypto trader Ali Martinez pointed to two signs of growing interest from large holders, based on Santiment data:
- Exchange outflows: about 13.24 million XRP was withdrawn from exchanges around 01:00 UTC. Coins moved off exchanges are usually held, not sold, which can shrink the supply ready to hit the market.
- Whale buying: the largest XRP wallets added about 60 million XRP over the past week.
Martinez said it is unclear whether the whale purchases and the exchange withdrawals involve the same coins. Both point to rising interest from big investors.
An Inverse Head-And-Shoulders In The Making?
On the daily chart, Martinez said XRP looks to be forming the right shoulder of a possible inverse head-and-shoulders pattern, a setup traders often see as a sign that a downtrend is ending.
- Neckline: $1.60
- Confirmation: a clean break above $1.60
- Target if confirmed: $2.10
“The chart will decide whether it becomes a breakout,” Martinez wrote.
According to an analyst who tracks XRP’s chart structure, the token recently bounced from $1.21. That level matches the 61.8% Fibonacci retracement, and the bounce broke XRP out of a downward channel.
That view also comes with a warning. So far, the bounce has unfolded in three legs, and moves like that often fail. To confirm a real bottom, XRP needs to:
- Hold a higher low above recent support
- Break above the last swing high near $1.34
- Then complete a strong five-leg rally followed by a shallow pullback
- Immediate support: about $1.24, the last swing low, which XRP is testing now
- Key support: $1.21
- Deeper support: $1.10, if the bounce fails and XRP sets a new low
- First real resistance: $1.34
- Pattern neckline: $1.60
- Breakout target: $2.10
The on-chain data and the price chart are pointing in different directions. Whales and exchange outflows suggest quiet accumulation, while the price is still being pulled down by the wider market rout. For now, holding $1.21 to $1.24 is critical. A move above $1.34 would be the first real sign that buyers are back in control.
Was this writing helpful?
Trust with CoinPedia:
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored and Advertisements:
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.