The recent withdrawal of 122 million XRP, valued at approximately $170.8 million, from the Binance exchange has highlighted a tightening liquidity supply for the cryptocurrency. This significant move, recorded on May 22, marks the first daily withdrawal exceeding 100 million XRP since early February.
XRP is currently trading within a crucial price range, specifically between $1.35 and $1.40, which analysts have identified as a key support and accumulation zone. This trend suggests that major investors are accumulating XRP at these levels, potentially indicating a shift in market sentiment. Analyst Amr Taha from CryptoQuant emphasized the importance of this price context, noting that previous high-volume withdrawals occurred under similar price conditions.
In addition to the whale activity, the market has seen consistent inflows into US-based spot XRP ETFs, totaling $116.75 million over the past 16 days. These developments suggest a growing demand for XRP, with the price needing to maintain support at $1.30 to have another opportunity to challenge the $1.50 resistance level.