XRP Whales Flee Exchanges Amid Bullish Sentiment

The crypto market has been experiencing a bullish trend lately, with notable gains across the board. New on-chain data suggests that this upward momentum may continue, particularly for XRP. According to CryptoQuant's 30-day whale inflow indicator (Sum 30D) data, XRP whale inflows to Binance have reached a four-year low.

This indicates a clear shift in sentiment among major investors, who are less inclined to sell or prefer to hold the crypto asset off-exchange. Historically, similar drops in whale transfers to crypto exchanges have preceded supply shocks, which often lead to price increases for XRP. The token's price can rise significantly if whale inflows to Binance remain at these low levels.

Moreover, a recent analysis by crypto analyst Dom highlights the potential for a breakout. He points out that while $35 million in XRP was sold on the spot market over the last 7 days, buyers kept placing new orders to absorb and help build upside momentum in XRP price. The analyst believes that this flip to buying will likely trigger a breakout.