Ripple (XRP) price declined 2.3% today, tracking the broader cryptocurrency market downturn driven by rising long liquidations.
Data from CryptoQuant shows that 30-day XRP outflows from Binance have reached 1.38 billion coins, the highest whale outflow recorded in seven months. The increased outflows indicate a shift in whale behavior, with large address holders choosing to withdraw their holdings from the exchange rather than maintain them for potential sales.
A previous analysis found that the share of whales withdrawing more than one million XRP from Binance rose to 60.8%, while withdrawals from Coinbase reached 48.7% in late September.
Despite the price decline, demand for XRP exchange-traded funds remains strong. On October 6, XRP ETFs were among only three asset ETFs to record inflows, alongside Bitcoin and Hyperliquid.
Open interest in XRP rose to 2.37 billion coins on October 6, up from 2.32 billion on October 4. This increase occurred as the price dropped from $1.52 to $1.47, a pattern typically indicating traders are opening short positions. The XRP long/short ratio fell to 0.92, reflecting more short accounts than long accounts.
On the four-hour chart, XRP is consolidating within a falling wedge pattern. A breakout above $1.51 could trigger a move toward the September high of $1.65. Support exists at $1.43, with a close below this level potentially pushing XRP toward sub-$1.40 levels. The ADX line indicates the downtrend is strengthening, while the RSI at 38 suggests bearish momentum. A shift in broader crypto sentiment and a Bitcoin price break above $86,000 could alter this technical outlook.
