XRP Bulls Gain Ground as Exchange Reserves Drop 3.36%
On-chain metrics indicate a 3.36% decline in XRP exchange reserves since early October, signaling potential long-term accumulation by whales.
Price and Volume Action
XRP traded in a narrow $0.05 range on Tuesday, oscillating between $2.38 and $2.41. Institutional participation helped support price above $2.38, while repeated rejections near $2.43 capped short-term momentum.
Trading volume spiked to 79.86 million, roughly 94% above the 24-hour average, during a midday retest of support. The rebound from $2.38 reflects whale-led accumulation, even as retail activity remained subdued.
Intraday Movements
Midday saw sellers briefly push XRP toward $2.38, but aggressive buying restored the price to $2.41, keeping the token within a 2% intraday range. Hourly data show a mild upward bias, with XRP moving from $2.397 to $2.405, forming higher lows consistent with a short-term bullish channel.
Technical Outlook
XRP continues to trace an ascending channel, with support at $2.38–$2.39 confirmed by repeated volume surges. Resistance remains at $2.43, defining the upper boundary of consolidation.
Derivatives metrics point to reduced speculative activity: open interest fell 1.4%, daily volume dropped 24%, and funding rates slipped slightly negative at -0.0007%. Despite these signals, declining exchange reserves reinforce the bullish accumulation thesis.
Key Levels to Watch
Sustaining $2.38 is crucial for ongoing accumulation. A breakout above $2.43–$2.48 could pave the way to $2.65, while failure to hold support may see a pullback toward $1.96. Traders are closely monitoring volume spikes above 80M, which could confirm institutional accumulation and precede a volatility expansion phase.
