In Brief:
- Crypto analyst Ali Charts predicts a potential XRP breakout toward $2.10 as whale accumulation and exchange withdrawals strengthen bullish expectations.
- Major XRP whales accumulated approximately 60 million tokens over seven days, while exchange withdrawals reached 13.24 million XRP tokens.
- XRP’s developing inverse head and shoulders pattern identifies $1.60 as critical resistance, with a confirmed breakout potentially targeting $2.10.
XRP is showing signs of a potential bullish reversal as increasing whale accumulation and substantial exchange withdrawals coincide with a technical formation that could push XRP toward $2.10.
XRP Whales Accumulate 60 Million Tokens as Exchange Outflows Surge
In a November 5 post on X, Ali Charts highlighted substantial XRP exchange withdrawals alongside increasing accumulation among major holders. According to the analyst, approximately 13.24 million XRP left cryptocurrency exchanges around 01:00 UTC, potentially reducing available selling supply.
Also Read: XRP Ledger Activates Major Security Fix to Block Unauthorized Token Creation
The withdrawals coincided with increased whale accumulation, as major XRP holders expanded their combined holdings by approximately 60 million tokens. This accumulation occurred over seven days, indicating growing interest among large investors despite the cryptocurrency’s recent market uncertainty.
While both developments suggest increasing whale activity, Ali Charts clarified that the withdrawn tokens cannot be directly linked to accumulation. Nevertheless, the simultaneous increase in whale holdings and exchange outflows supports the analyst’s bullish outlook as XRP approaches key resistance.
Ali Charts Identifies Bullish XRP Pattern With $1.60 Breakout Level and $2.10 Target
Alongside these on-chain developments, Ali Charts identified a potential inverse head-and-shoulders formation emerging on XRP’s daily price chart. The analyst explained that XRP appears to be developing the pattern’s right shoulder, potentially signaling a reversal from previous weakness.
Within this formation, the $1.60 neckline represents the critical resistance level that XRP must overcome to confirm bullish momentum. A successful breakout above this threshold would validate the technical setup and establish $2.10 as the next projected upside target.
Whale Activity and Technical Resistance Shape XRP’s Next Potential Move
The combination of increasing whale holdings, exchange withdrawals, and developing chart patterns strengthens the case for a possible recovery. Still, the bullish scenario remains conditional because XRP has yet to complete the formation or overcome its identified resistance. For now, the analyst’s outlook places $1.60 at the center of XRP’s potential breakout, with $2.10 representing the projected target.
