XRP is trading near $1.30 on Wednesday, extending its recovery as improving cryptocurrency market sentiment and a notable increase in whale withdrawals from exchanges support the token's upward move. The rebound follows the US midterm elections, where the Democratic Party secured a Senate victory and appears poised to gain broader congressional control, according to reported results.
Bitcoin has also recovered above $78,000 after dipping to a six-week low near $76,000 following the $6.3 billion Binance security breach. The broader market recovery is encouraging renewed interest in XRP, while on-chain data indicates that large holders have been moving substantial amounts of the cryptocurrency off centralized exchanges.
Whale outflows surge 74.5%
Data from CryptoQuant shows that cumulative whale net outflows across multiple exchanges reached approximately 696 million XRP on Wednesday, up from 399 million XRP on October 28—a 74.5% increase over seven days. This suggests that large holders are withdrawing more XRP from exchanges, potentially reducing the supply available for immediate trading.
Additional data highlights a divergence between whale and retail activity. The XRP Whale vs Retail Spread on Binance climbed to 98.4% on Tuesday, the highest reading since October 15, 2024, compared to 65.1% across all centralized exchanges. This indicates that whale-related activity on Binance is particularly pronounced relative to retail participation.
For XRP to establish a more convincing bullish trend, the improvement in on-chain metrics would need to be accompanied by stronger spot demand and a breakout above major technical resistance levels.
Election results fuel broader crypto recovery
XRP's rebound comes alongside a broader recovery across the cryptocurrency market. The reported Democratic victory in the US Senate and expectations of further congressional gains have coincided with improved sentiment toward digital assets. Bitcoin's reclaim of the $78,000 level suggests that some of the immediate uncertainty surrounding the Binance breach has begun to ease.
Other factors, including the US dollar's performance, liquidity conditions, and investor positioning, may also be contributing to the rebound.
Resistance at $1.30 and $1.34
Despite recent gains, XRP's daily chart shows a cautious technical structure. The token is trading above $1.28 but remains below its major Exponential Moving Averages (EMAs), indicating that the broader corrective phase has not yet ended.
Immediate resistance lies near $1.30, where the middle boundary of the Bollinger Bands is positioned. Above that, the 100-day EMA at $1.32 and the 50-day EMA at $1.34 form a concentrated resistance area that buyers must overcome to strengthen the bullish outlook. A decisive daily close above $1.34 would suggest XRP is beginning to regain control of its short- and medium-term trend.
Momentum indicators show that selling pressure is weakening, though buyers have not yet established a clear advantage. The Relative Strength Index (RSI) is hovering around 43, slightly below the neutral level of 50. A sustained move above 50 would provide additional evidence that buyers are gaining influence. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator has turned slightly positive, suggesting downside momentum may be fading.
On the downside, the lower Bollinger Band near $1.23 represents the next meaningful support level. If XRP fails to hold its recent gains and breaks below $1.23, bearish momentum could strengthen again, increasing the risk of further losses.
For now, XRP's near-term outlook depends on whether rising whale withdrawals and improving market sentiment can generate enough buying pressure to overcome the $1.30–$1.34 resistance zone.
This article is for informational purposes only and does not constitute financial advice.
