The XRP price has slipped by 8.2% to $2.14 amid a broader market cooldown following last month’s rally.
Yet fresh signs of accumulation are emerging, with one XRP community member on X reporting a major exchange withdrawal just days ago.
It appears that the Turkish crypto exchange Paribu has taken out of circulation 44.1 million XRP tokens worth nearly $100 million that were moved to an external wallet.
This kind of move reduces the token’s liquidity in the short term and typically supports a bullish XRP price prediction.
The market also interprets whales’ decision to move XRP tokens out of exchanges as supportive of a price uptick as it means that deep-pocketed investors are positioning for an upcoming rally.
The move occurred just days after the CME Group launched two futures contracts linked to XRP.
In addition, the market has been waiting for the SEC’s nod to multiple XRP exchange-traded fund (ETF) applications.
The approval of these ETFs could result in significant liquidity flowing to the cryptocurrency, which favors a bullish XRP price prediction.
XRP Price Prediction: XRP Finds Support at 200-day EMA – Is the Pullback Over?
XRP broke its trend line support a couple of weeks ago and has been dropping since then. The price action also shows that a ‘death cross’ has emerged in the daily chart after the 9-day exponential moving average (EMA) crossed below the 21-day EMA.
The last time this happened, it resulted in an 18% loss for the token. If a similar decline takes place this time, a bearish XRP price prediction would set a first target of $1.9 for the token in the near term.
For now, XRP has found support at its 200-day EMA and has bounced off that key indicator in the past few days.
The Relative Strength Index (RSI) has been in a downtrend for days, which supports a bearish outlook as well. However, this still qualifies as a normal pullback during what still is a bull market.
If that’s the case, XRP could soon recover as late buyers will take advantage of these declines to buy the token.
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The post Whale Signal or Exit? XRP Price Prediction After 44M Tokens Leave Exchange appeared first on Cryptonews.
