XRP Holds Steady Between $1.30 and $1.50 as Whales and Mid-Sized Investors Keep Accumulating
TLDR:
- XRP has been trading between $1.30 and $1.50 for months, showing resilience amid altcoin weakness.
- Binance outflow transactions surged since late February, with some days recording nearly 6,000 withdrawals.
- Most outflow activity is driven by transactions of 1,000 to 100,000 XRP, pointing to mid-sized investors.
- Whales have maintained an accumulation zone between $1.20 and $3.00 for over a year without selling to retail.
XRP has been trading within a defined range for several months, oscillating between $1.30 and $1.50. On-chain data from Binance shows a growing accumulation trend, with outflow transactions rising notably since late February.
Binance Outflow Data Points to an Active Accumulation Phase
Despite challenging conditions across the broader crypto market, XRP has shown a degree of resilience. The asset continues to hold within its established trading range while other altcoins have faced heavier losses.
This steady price action has drawn attention from market analysts tracking on-chain behavior. The pattern suggests that some investors are using the consolidation period to build positions.
Data from Binance shows a clear resurgence in outflow transactions starting from late February. Several days during this period recorded more than 4,000 outflow transactions on the exchange.
Source: Cryptoquant
Some peaks reached close to 6,000 transactions within a single day. This level of activity is notable for an asset still trading over 60% below its all-time high.
Most of the activity is driven by transactions ranging between 1,000 and 100,000 tokens. This range typically corresponds to mid-sized investors rather than large institutional whales.
The pattern differs from the usual whale-dominated movements seen in early bull market cycles. As a result, the accumulation appears to be spread across a broader segment of the market.
An increase in outflow transactions generally means investors are moving tokens off exchanges. This behavior is often interpreted as a preference to hold assets in private wallets.
It suggests reduced selling intent and a longer-term holding mindset. Analysts often view this trend as a positive on-chain signal during a consolidation phase.
Whale Accumulation Adds to the Bullish Narrative for the Asset
Beyond retail and mid-sized investor activity, whale behavior has also drawn considerable attention. According to crypto analyst CW, whales have been accumulating consistently for over a year.
The analyst noted that whales typically build positions at the bottom before an uptrend begins. This observation adds another layer to the existing accumulation narrative.
CW further noted that the current whale accumulation zone sits between $1.20 and $3.00. Before this phase, strong accumulation was recorded in the $0.30 to $1.30 range as well.
These whales have not yet offloaded their holdings to retail investors. Based on available data, they appear to be continuing to buy.
The broader picture suggests that the asset is in an active accumulation phase across multiple investor segments. Both mid-sized holders and larger market participants appear aligned in their current behavior.
However, the key question remains whether this accumulation will be enough to trigger a breakout. A move above the $1.50 resistance level could confirm a shift in momentum.
At press time, XRP is trading at $1.35, still within its months-long range. Market participants continue to monitor on-chain data closely for further signals of a directional move.
The post XRP Holds Steady Between $1.30 and $1.50 as Whales and Mid-Sized Investors Keep Accumulating appeared first on Blockonomi.
You May Also Like
Chris Burniske Forecasts Big Changes Coming to Cryptocurrency Market
Bitcoin Staking ETP: Valour Unveils a Game-Changing Opportunity on LSE
