The XRP market is experiencing a new wave of large transactions as adjust their positions. Over $300 million worth of XRP has recently been moved from crypto exchanges, signaling a shift in . While such withdrawals often suggest accumulation, current on-chain data present a mixed picture, indicating both opportunity and caution.

Over $300 Million XRP Exit Crypto Exchanges 

According to on-chain data from Glassnode, investors have more than 140 million XRP, valued at approximately $309 million, from crypto exchanges. At the same time, XRP’s Long-Term Holder Net Unrealized Profit/Loss (LTH NUPL) chart has revealed a more complex backdrop. 

The recent exchange withdrawals indicate a potential accumulation trend, suggesting that and are likely moving it into their respective wallets. Given the earlier wave of , this renewed accumulation could serve as a brief respite from the downward pressure. 

Notably, the indicator has and is now approaching critical levels around 0.5. This area has been identified as a historical threshold where market optimism tends to give way to weakness. In previous cycles, a drop below the 0.5 level has often led to , as long-term holders began selling and securing profits.

This cycle appears no different. The LTH NUPL decline indicates that many long-term investors may be . Despite the bullishness of large-scale withdrawals, the underlying market sentiment remains cautious. A major reason for this could be the widespread liquidation events that occurred in the crypto market over the past few weeks.

Earlier, on October 10, below $1 but retraced back above $2 within 24 hours after $19 billion was wiped out from the market. On November 3, the crypto market experienced another bleed, with about in a single day. As the market recovers slowly, so does XRP. Its price is currently up 4.78% after falling more than 16% over the past month, according to CoinMarketCap. 

XRP Price Eyes $8 Target If Key Support Holds

In a separate analysis, pseudonymous crypto analyst ‘Cantonese Cat’ has a bullish outlook using Fibonacci Extensions to project XRP’s next move and . On the monthly chart, XRP is testing the 0.886 Fib level near $2.25—a critical support area that has previously served as a foundation for major upward moves. 

Cantonese Cat argues that as long as this level remains intact, could target the 1.272 Fibonacci Extension around $8.29, representing a 260% increase from current levels above $2.3.

The chart also shows earlier resistance near $3.31, aligning with the 1.0 Fib level. If XRP successfully reclaims this zone, it could confirm its . The subsequent extensions, highlighted by the analyst at $13.38 (1.414 Fib) and $26.63 (1.618 Fib), represent potential long-term target zones if momentum continues. 

Featured image from Storyblocks, chart from TradingView