Will It Break the $1.50 Barrier?

XRP has experienced a decline of 6.91% over the last week, settling at $1.36. This price action places the cryptocurrency below the critical $1.40 resistance level, with technical analysis suggesting ongoing selling pressure, despite increased withdrawals by large holders from exchanges.

As of CoinGecko’s latest data, XRP has seen a slight 0.13% dip within the last 24 hours, with daily trading volumes hitting around $1.72 billion. The market capitalization stands at approximately $86.06 billion, placing XRP as the fifth-largest cryptocurrency. Trading volume has seen a drop of nearly 19.70% from the previous day, with analysts suggesting $1.35 as the immediate support level.

XRP price struggles to break above $1.40

XRP has remained under pressure, unable to maintain its rally from early September when it approached $1.60. After bouncing back from August lows around $1.00, it has since formed a series of lower highs, signaling that buyers are struggling to push the price upward.

In today’s trading session, XRP hovered around $1.36313 after an opening of $1.36480. It touched a brief high of $1.38518 before pulling back, keeping the resistance between 1.38 and 1.40 in play.

Chart analysis identifies $1.35 as the closest support level, with a more robust buying zone appearing between $1.30 and $1.32. Should the price break below $1.30, it may test the $1.20 to $1.25 range, where historical trading indicates potential buyer interest for recovery.

On the upside, regaining the $1.40 level could signal better market conditions. XRP would then encounter resistance near $1.45, followed by the $1.50 to $1.60 area that previously capped its rally.

Recent XRP price assessments near the $1.40 support indicated similar struggles in early October, when XRP was closer to $1.45, and traders were evaluating its recovery potential.

The latest downturn has pushed XRP below that earlier support level, posing another challenge for buyers before a potential short-term recovery can be established.

Technical indicators signal ongoing selling pressure

The Balance of Power indicator on the daily chart read -0.07, implying that selling activity slightly outweighed buying during the observed time frame.

While the figure remained close to neutral, its negative status aligns with XRP’s challenges to recover above the $1.40 mark. A shift into positive territory could suggest increased demand, particularly if XRP can start closing above nearby resistance levels.

The Awesome Oscillator offers a similar outlook, showing a reading of -0.06068, with red histogram bars positioned below the zero line, indicating weaker short-term momentum compared to longer-term price behavior.

During the recovery effort in September toward $1.60, this indicator registered positive, reflecting stronger buying momentum. However, the recent downturn has pushed it back below the zero line, suggesting the recovery’s waning strength.

Further negative indicators may heighten the chances of XRP testing the $1.30 level again. In contrast, a shift toward zero, coupled with positive histogram bars, would signal a potential easing of selling pressure.

The current chart dynamics thus emphasize $1.35 and $1.40 as pivotal points for short-term movements. Dropping below $1.35 could prolong the correction, while reclaiming $1.40 might provide an opening for buyers to target the $1.45 mark.

Significant rise in whale withdrawals from Binance

Even amid the prevailing price weakness, exchange data indicates a notable surge in large XRP withdrawals from Binance.

CryptoQuant analyst Amr Taha reported that the seven-day average outflow spread from whales to retail investors on Binance escalated from 53% on October 7 to 63.5% on October 13.

This 10.5 percentage point increase starkly contrasts with the negligible shifts observed across other centralized exchanges, where the overall market figure rose from 46% to just 47.7%, a mere increase of 1.7 percentage points.

Thus, Binance’s spread expanded at a rate roughly 6.2 times faster in percentage terms during this six-day timeframe.

This metric measures large versus small exchange withdrawals over a seven-day period, with a higher percentage indicating larger transfers dominating smaller ones.

However, Taha cautioned that this metric does not confirm whether the total number of whale withdrawals has actually increased. It can’t definitively denote accumulation, as transactions between exchanges, custody solutions, and private wallets may yield similar results.

The gap between Binance and the overall exchange market now stands at 15.8 percentage points, nearing the roughly 18-point disparity recorded on August 3.

During that time, Binance’s figure was approximately 62%, while the overall rate was around 44%. Subsequently, XRP surged from about $1.07 to $1.56, marking an increase of around 46%.

While the analyst noted this historical context, he refrained from asserting that the current spike would trigger another price surge.

In a separate analysis, Crypto commentator CW observed that XRP’s technical patterns exhibit signs of accumulation, based on moving average and MACD trends. This indication suggests an uptick in buyer interest despite flat trading, though daily indicators still reflect lower short-term momentum.

XRP grapples with bearish sentiment with $1 on the radar

Despite the surge in whale withdrawals, public sentiment remains cautious.

As noted by blockchain analytics firm Santiment, XRP has seen 0.92 bullish comments for every bearish comment on platforms like X, Reddit, and Telegram.

This ratio puts XRP in a negative sentiment zone, where bearish remarks outnumber positive ones. For comparison, Bitcoin exhibited a lower sentiment ratio of 0.82, while Ethereum garnered 2.05 bullish comments for each bearish one.

Santiment attributed XRP’s negative sentiment to its recent price drop, liquidations of leveraged positions, and ongoing struggles to reclaim the $1.40 level.

Interestingly, this bearish outlook could potentially set the stage for a contrarian recovery, should market conditions become favorable. However, social media discussions alone do not verify whether investors are actively purchasing XRP, or if a price recovery is imminent.

Crypto analyst EGRAG Crypto outlined two potential scenarios based on XRP’s three-day chart.

His bearish forecast identified $1.13 as a possible downside target should consolidation fail, with a potential slide down to $1.00 following that.

On the other hand, for recovery, EGRAG marked $2.10 as an initial target following an upward breakout. His long-term outlook suggests that $17.60 could be achievable only after XRP confirms a breakout above $3.68.

In a different analysis, EGRAG highlighted a symmetrical triangle formation over multiple years, with potential upside targets ranging from $4.30 to $10.23. His longer projections included potential targets of $15.93, $33, and $60, all conditional on a confirmed breakout from this larger structure.

He emphasized that his long-term projections are speculative and not guaranteed prices, while acknowledging the possibility that XRP may revisit $1.00 before establishing a more robust upward direction.

XRP’s previous all-time high was $3.65, leaving its recent price around 62.55% below that benchmark.