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XRP Price Watch: Large Binance Outflows Stoke Speculation

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XRP Price Watch: Large Binance Outflows Stoke Speculation

Within the last 24 hours, the number of Ripple (XRP) tokens that left Binance exceeded 57 million. Coin Editon was able to confirm this after going through the Whale Alert official handle on X.

According to the whale tracking platform, the transactions did not happen in one go. Instead, they were in different batches. At one point, a whale withdrew 19.21 million tokens from the exchange. Another transaction also showed 18.82 million exchange outflows while the 3rd was 18.75 million XRP withdrawal from Binance.

XRP to Surge After Bitcoin’s Halving?

When events like this happen, it means that the cryptocurrency involved might face less risk of selling pressure. Despite the outflows, the price of XRP has not had a massive move.

XRP’s price was $0.62 at press time, representing a 0.13% mild hike in the last 24 hours. However, crypto analyst Ben Armstrong posted on YouTube that the token might rally. But he noted that this might only happen toward the end of April.

According to Armstrong, XRP’s price might plunge especially as it seems the U.S. SEC might win over Ripple. He, however, noted that the token’s rally would happen after the Bitcoin (BTC) halving.

Price Analysis Supports an Upswing

XRP has been trading in a consolidated range of $0.60 and $0.62 since March 10. Previously, the token had attempted to flip $0.62. But upon facing rejection, the value dropped to almost hit $0.58 (the 0.618 Fibonacci retracement level).

However, bulls have been pushing for an XRP breakout as indicated on the 4-hour chart. If this attempt is successful, XRP’s price might increase by 4.61%. Should this be the case, the token might change hands at $0.65.

However, a rejection at the region could trigger a correction that could see XRP nosedive to $0.62. Furthermore, Coin Edition’s observation of the Awesome Oscillator (AO) showed that the reading was negative.

Typically, this would have indicated an increasing downward momentum. But the green bar on the AO signaled that an upswing was possible. If sellers reject the movement, the bullish bias might be invalidated.

XRP Price Watch: Large Binance Outflows Stoke Speculation
XRP/USD 4-Hour Chart

However, an increase in the accumulation of the token might accelerate the uptrend. From a bullish perspective, XRP might test $0.66 which was the highest level it had reached this year. A successful close above $0.66 could send XRP to $0.70. However, failure to pass the hurdle could send XRP crashing again.

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