What to know:
- CoinGlass data showed over $31 million worth of XRP left exchanges in 72 hours.
- Continued exchange outflows suggest investors are moving XRP into private wallets.
- XRP remains below key resistance as technical indicators show mixed momentum.
XRP exchange balances continue to decline, with more than $31 million worth of the cryptocurrency leaving trading platforms within 72 hours, according to data from Coinglass shared by crypto analyst Diana.
The latest withdrawals have extended a broader trend that has seen investors move XRP away from exchanges and into private wallets. Market participants often monitor this metric because it reflects the amount of supply readily available for trading. At the same time, traders are watching XRP’s price action as the asset attempts to regain momentum following recent market weakness.
Over $31 Million in XRP Leaves Exchanges Within Three Days
According to the Coinglass data, investors withdrew more than $31 million worth of XRP from cryptocurrency exchanges during the last three days. The continued outflows indicate that many holders are choosing self-custody rather than keeping their assets on trading platforms.
Exchange reserve data remains an important indicator because it helps traders understand supply dynamics. When tokens leave exchanges, they become less accessible for immediate sale. Consequently, sustained outflows can reduce potential selling pressure if demand remains stable or increases.
Also Read: Bitcoin Whale Addresses Reach Highest BTC Holdings Since Mid-March
Diana’s update also comes as XRP approaches a key technical area that traders have closely monitored throughout June. The analyst recently pointed to the $1.30 level as an important resistance zone that could influence the asset’s next major move.
Moreover, continued withdrawals from exchanges have fueled speculation that larger investors are accumulating XRP. While exchange outflows do not guarantee higher prices, they often provide valuable insight into market sentiment and investor positioning.
XRP Faces Resistance as Momentum Remains Mixed
XRP’s daily chart shows that the asset continues to trade below the middle Bollinger Band, which currently sits near $1.18. At the time of writing, XRP was changing hands around $1.17, suggesting that buyers still face challenges in regaining control of the trend.
Meanwhile, the upper Bollinger Band is positioned near $1.32, closely aligning with the resistance area that traders continue to watch. A breakout above that region could strengthen bullish sentiment and improve the short-term technical outlook.
Source: Tradingview
The Relative Strength Index stood at 43.11 on the daily timeframe, remaining below the neutral 50 level. Although the indicator has recovered from recent lows, it has yet to confirm sustained bullish momentum.
For now, the removal of more than $31 million worth of XRP from exchanges has added another important signal for traders. According to Coinglass data shared by Diana, declining exchange balances and continued whale activity remain key developments as XRP approaches a critical resistance zone near $1.30.
Also Read: Tether Ends aUSDT Support as Gold-Backed Stablecoin Platform Closes
