The XRP market is experiencing a up-to-date wave of vast transactions because long-term holders adjust your positions. More than $300 million worth of XRP was recently transferred from cryptocurrency exchanges, signaling a shift investor sentiment. While such pullbacks often suggest accumulation, current on-chain data paints a mixed picture, pointing to both opportunity and caution.
Over $300 million of XRP has left cryptocurrency exchanges
According to data from the Glassnode network, investors do withdrawn over 140 million XRP worth approximately $309 million from cryptocurrency exchanges. At the same time, the long-term net unrealized profit/loss (LTH NUPL) chart of XRP revealed a more sophisticated background.
The recent stock market withdrawals indicate a potential accumulation trend, which is what they suggest investors started buying XRP and they probably move it to their wallets. Considering the earlier wave sales by long and low term holdersthis reaccumulation may serve as a brief respite from downward pressure.
It is worth noting that LTH NUPL indicator has rejected and is currently approaching a critical level around 0.5. This area has been identified as a historical threshold where market optimism tends to give way to weakness. In previous cycles, it often fell below the 0.5 level XRP price adjustmentsas long-term holders began to sell and protect profits.
This cycle is no different. The decline in NUPL’s LTH indicates that there may be many long-term investors enters the distribution phase. Despite the bullish nature of large-scale pullbacks, fundamental market sentiment remains cautious. The main reason for this may be the widespread liquidations that have taken place in the cryptocurrency market over the past few weeks.
Earlier, on October 10 this year. XRP price flash crashed below $1, but within 24 hours it was back above $2 after $19 billion disappeared from the market. On November 3, the cryptocurrency market experienced another decline of approx $1.4 billion liquidated in one day. As the market slowly recovers, so does XRP. According to CoinMarketCap, its price is currently up 4.78% after falling over 16% over the past month.
XRP price will hit $8 target if key support holds
In a separate analysis, this was done by pseudonymous crypto analyst “Cantonese Cat”. common bullish outlook using Fibonacci extensions to forecast XRP’s next move and long-term trajectory. On the monthly chart, XRP is testing the 0.886 Fib level near $2.25 – a critical support area that has previously served as the basis for vast bullish moves.
Cantonese Cat argues that as long as this level remains intact, Another XRP impulse could take the 1.272 Fibonacci extension towards $8.29, a 260% upside from current levels above $2.3.
The chart also shows prior resistance near $3.31, coinciding with the 1.0 Fib level. If XRP successfully recovers this zone, it can confirm it bullish structure. Subsequent extensions, highlighted by the analyst at $13.38 (1.414 Fib) and $26.63 (1.618 Fib), represent potential long-term target zones if momentum continues.
Featured image from Storyblocks, chart from TradingView
