XRP experienced a notable 12% rally this November 10, trading at $2.55. This increase ends nearly a week of price stagnation. The bullish momentum coincides with a massive XRP withdrawal from exchanges valued at $556 million. On-chain data from Glassnode shows that investors are aggressively accumulating the asset.
Over the past seven days, the market saw a strong signal of confidence. Investors withdrew approximately 216 million XRP from trading platforms. This move significantly reduces the balance of XRP on exchanges. This accumulation appears to have strengthened XRP’s short-term price structure.
This investor behavior is fundamentally bullish. The XRP withdrawal from exchanges limits the supply available for immediate sale. Therefore, it suggests strong confidence in future price growth from holders. When the supply on exchanges decreases while demand increases, the price tends to rise.
Is this accumulation the definitive signal to break resistance?
The bullish momentum is reflected in technical indicators. The Relative Strength Index (RSI), according to TradingView data, has crossed above the neutral 50.0 mark. This indicates that buyers are regaining control. XRP’s price, at $2.55, is now working to establish $2.52 as solid support after bouncing from consolidation.
Breaking the $2.64 barrier is the next crucial challenge. This resistance level has rejected the price twice over the past month. A successful move above $2.64 could push XRP toward $2.75, reinforcing the recovery trend. However, if it fails, XRP could retest the $2.36 support zone, invalidating the bullish thesis. The sustainability of this rally depends on demand in the digital economy.
