XRP hits 11-week low as whales accumulate and exchange outflows rise

What happened

XRP fell to an 11-week low this week, sliding below $1.185 for the first time since Aug. 22, according to CryptoPotato. The token was the weakest performer among the 30 largest altcoins over 24 hours, with a 9.5% decline, and its market capitalization dropped to about $75 billion. CoinGape reported a 6% daily drop and a price of $1.18, noting the move came as selling pressure hit the broader crypto market.

The decline followed a short-lived rally. XRP had traded near $1.20 on Oct. 30 and briefly reached $1.34 on Nov. 4, CoinGape reported. CryptoPotato said the asset jumped to $1.35 before being rejected, then lost support at $1.30 and $1.20. The broader market also reversed, with bitcoin rejected at $81,000 and falling to $75,000, according to CryptoPotato.

Even as the price weakened, Blockonomi reported that roughly 13.24 million XRP left exchange wallets around 01:00 UTC on Thursday, citing Santiment data shared by analyst Ali Charts. Santiment figures in the same post showed the largest holders increased their combined balances by about 60 million XRP over the past week. CoinGape, citing Ali Charts, also reported the 60 million token accumulation.

Why it matters

The combination is significant because exchange withdrawals can reduce the amount of XRP immediately available to sell, while accumulation by large wallets is often read as a sign of interest from major holders. Blockonomi said Ali Charts described both metrics as building a bullish case. But CoinGape noted that outflows may not lift the price unless traders also step up demand, and it said sentiment currently suggests buyers are staying away.

The reports also pointed to weak ETF activity. CoinGape, citing SoSoValue, said XRP ETFs have not recorded inflows since Oct. 29 and hold $1.41 billion in net assets, or 0.8% of total market cap. CryptoPotato said the funds saw little to no demand at the start of November. Social sentiment for XRP fell to negative territory, the lowest since July, according to CoinGape.

What the data shows

The on-chain readings came from different measures. Blockonomi said one tracks exchange balances and the other tracks large wallet holdings, and both figures were supplied by Santiment. Ali Charts said he could not confirm whether the coins withdrawn from exchanges were the same ones added by whales.

CoinGape, using CryptoQuant, reported 418.5 million XRP exiting Binance, a volume it said was higher than outflows seen after the Binance hack. Hyperliquid Whale Tracker data on CoinGlass showed two accounts opening $3.94 million worth of long positions in 24 hours after the drop, according to CoinGape. The same report said XRP's RSI was 42 and the token remained below its 200-week EMA at $1.36, with support at $0.98.

On the chart, Blockonomi reported that Ali Charts saw XRP forming the right shoulder of a potential inverse head-and-shoulders bottom. He identified $1.60 as the neckline and said a break above it would confirm the pattern, with $2.10 then in view. The report noted the pattern remains incomplete and was treated as a setup, not a confirmed reversal.

Background

The pullback came after a rally that had briefly raised expectations. CryptoPotato said analyst Ali Martinez had predicted that a close above $1.28 could open the door to gains, and XRP subsequently rose to $1.35. The move failed, and the token was rejected. CoinGape said the drop accelerated after risk assets sold off on concerns about the AI sector. The reports also noted that XRP ETFs had been among the few products in the green in October before demand faded in November.

What is still unclear

Several parts of the picture remain unresolved. Ali Charts could not verify that the exchange withdrawals and whale purchases involved the same coins, and Blockonomi noted the on-chain case relied on a single data source. The reports also offered different daily decline figures and described outflows as potentially supportive rather than decisively bullish. CoinGape said the exchange-outflow data may not affect price without matching demand, while CryptoPotato noted that the earlier breakout attempt failed despite bullish on-chain data.

What to watch

Reports identified several levels and data points to monitor. CoinGape said the 200-week EMA at $1.36 is the first resistance XRP would need to clear for a reversal, while $0.98 is cited as support if selling continues. Blockonomi said the $1.60 neckline is the next test for the inverse head-and-shoulders setup. ETF flows, social sentiment and whether retail buyers join large holders are also in focus, according to the reports.

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