The XRP market is witnessing a new wave of large transactions Long term owners Adjust their positions. More than $300 million worth of XRP was recently transferred from cryptocurrency exchanges, indicating a shift Investor sentiment. While such withdrawals often indicate accumulation, current on-chain data presents a mixed picture, suggesting both opportunity and caution.
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Over $300 million worth of XRP exits cryptocurrency exchanges
According to on-chain data from Glassnode, investors did just that It was withdrawn Over 140 million XRP worth approximately $309 million from cryptocurrency exchanges. At the same time, the chart of Net Unrealized Profit/Loss (LTH NUPL) for XRP holders revealed a more complex background.
Recent currency withdrawals indicate a potential accumulative trend, suggesting this Investors started buying XRP They will likely move it to their own wallets. Given the previous wave of Selling by long and short term ownersThis renewed buildup may serve as a brief respite from downward pressure.
It is worth noting that LTH NUPL The indicator has decreased It is now approaching critical levels around 0.5. This area has been identified as a historical threshold where market optimism tends to give way to weakness. In previous cycles, a decline below the 0.5 level often resulted in… XRP price correctionsas long-term stockholders began to sell and lock in dividends.
This course looks no different. LTH NUPL’s decline suggests that many long-term investors may be as well Entering the distribution phase. Despite the upside of widespread drawdowns, the underlying market sentiment remains cautious. The main reason for this may be the large-scale liquidation events that have occurred in the cryptocurrency market over the past few weeks.
Earlier, on October 10, XRP price flash crash Below $1 but returned to above $2 within 24 hours after wiping $19 billion from the market. On November 3, the cryptocurrency market saw another hemorrhage, with approx Liquidation of $1.4 billion In one day. As the market slowly recovers, XRP is also recovering. Its price is currently 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, a cryptocurrency analyst who goes by the pseudonym “Cantonese Cat” said. subscriber Bullish forecast using Fibonacci extensions to illustrate what’s next for XRP and Long term path. On the monthly chart, XRP is testing the 0.886 Fibonacci level near $2.25 – an important support area that served as the basis for major upward movements.
Cantonese Cat believes that as long as this level remains intact, Next motivation for XRP The 1.272 Fibonacci extension could target around $8.29, which represents a 260% upside from current levels above $2.3.
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The chart also shows previous resistance near $3.31, in line with the 1.0 Fibonacci level. If XRP succeeds in reclaiming this area, it could confirm this Bullish structure. The subsequent extensions, highlighted by the analyst at $13.38 (1.414 Fib) and $26.63 (1.618 Fib), represent potential longer-term target areas if momentum continues.
Featured image from Storyblocks, chart from TradingView
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