$300 Million Worth Of XRP On The Move – Where Are | Crypto News
The XRP market is experiencing a new wave of large transactions as long-term holders alter their positions. Over $300 million value of XRP has just lately been moved from crypto exchanges, signaling a shift in investor sentiment. While such withdrawals often counsel accumulation, current on-chain data current a blended image, indicating both alternative and warning.
Over $300 Million XRP Exit Crypto Exchanges
According to on-chain data from Glassnode, traders have withdrawn more than 140 million XRP, valued at roughly $309 million, from crypto exchanges. At the same time, XRP’s Long-Term Holder Net Unrealized Profit/Loss (LTH NUPL) chart has revealed a more complicated backdrop.
The current exchange withdrawals point out a potential accumulation pattern, suggesting that traders have begun shopping for XRP and are possible shifting it into their respective wallets. Given the earlier wave of promoting by long and short-term holders, this renewed accumulation may serve as a transient respite from the downward strain.
Notably, the LTH NUPL indicator has declined and is now approaching vital ranges around 0.5. This space has been recognized as a historic threshold where market optimism tends to give method to weak point. In earlier cycles, a drop below the 0.5 degree has often led to XRP price corrections, as long-term holders started promoting and securing earnings.
This cycle seems no different. The LTH NUPL decline signifies that many long-term traders could also be getting into a distribution section. Despite the bullishness of large-scale withdrawals, the underlying market sentiment stays cautious. A major cause for this may very well be the widespread liquidation occasions that occurred in the crypto market over the past few weeks.
Earlier, on October 10, the XRP price flash crashed below $1 but retraced back above $2 within 24 hours after $19 billion was worn out from the market. On November 3, the crypto market skilled another bleed, with about $1.4 billion liquidated in a single day. As the market recovers slowly, so does XRP. Its price is presently up 4.78% after falling more than 16% over the past month, according to CoinMarketCap.
XRP Price Eyes $8 Target If Key Support Holds
In a separate analysis, pseudonymous crypto analyst ‘Cantonese Cat’ has shared a bullish outlook utilizing Fibonacci Extensions to project XRP’s next transfer and long-term trajectory. On the month-to-month chart, XRP is testing the 0.886 Fib degree close to $2.25—a vital assist space that has beforehand served as a basis for major upward strikes.
Cantonese Cat argues that as long as this degree stays intact, XRP’s next impulse may goal the 1.272 Fibonacci Extension around $8.29, representing a 260% increase from current ranges above $2.3.
The chart also reveals earlier resistance close to $3.31, aligning with the 1.0 Fib degree. If XRP efficiently reclaims this zone, it may verify its bullish construction. The subsequent extensions, highlighted by the analyst at $13.38 (1.414 Fib) and $26.63 (1.618 Fib), signify potential long-term goal zones if momentum continues.
Featured image from Storyblocks, chart from TradingView
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