XRP is pushing higher toward the $1.30 level on Wednesday, supported by improving cryptocurrency market sentiment and a sharp rise in whale withdrawals from exchanges. The token's rebound comes as the US midterm elections shape market expectations, with the Democratic Party securing a Senate victory and moving toward broader congressional control, according to reported election results.
Bitcoin has also recovered above $78,000 after falling toward a six-week low near $76,000 following the $6.3 billion Binance security breach. The broader crypto recovery appears to be encouraging renewed interest in XRP, while on-chain data shows large holders moving substantial amounts of the token away from centralized exchanges.
According to CryptoQuant data, cumulative whale net outflows across multiple exchanges reached approximately 696 million XRP on Wednesday, compared with 399 million XRP on October 28. That represents a 74.5% increase over seven days. The rise suggests large holders are withdrawing more XRP from exchanges, potentially reducing the amount immediately available for spot trading.
Additional CryptoQuant data shows the XRP Whale vs Retail Spread on Binance climbed to 98.4% on Tuesday, its highest reading since October 15, 2024. By comparison, the reading across centralized exchanges stood at 65.1%, indicating that whale-related activity on Binance has become particularly pronounced relative to retail activity.
Despite the improving on-chain metrics, XRP remains below several important technical resistance levels. Immediate resistance lies near $1.30, where the middle boundary of the Bollinger Bands is positioned. Above that, the next resistance emerges at the 100-day EMA around $1.32, followed by the 50-day EMA at $1.34. A decisive daily close above $1.34 would suggest that XRP is beginning to regain control of its short- and medium-term trend.
Momentum indicators show selling pressure may be weakening. The Relative Strength Index is hovering around 43, slightly below the neutral level of 50, while the MACD indicator has turned slightly positive. On the downside, the lower Bollinger Band near $1.23 represents the next meaningful support level. If XRP fails to hold recent gains and breaks below that level, bearish momentum could strengthen again.
