More than 7 billion XRP left exchanges in February, marking the largest monthly outflow since November, according to CryptoQuant data released on Wednesday, March 4. The withdrawals suggest many XRP holders are moving tokens into private wallets rather than leaving them on trading platforms.
The price of XRP on March 4th was approximately $1.46, according to TradingView data. The token has been attempting to regain stability after the general downturn in the cryptocurrency markets during early February.
Binance Recorded Highest Withdrawals In February
According to data provided by CryptoQuant analyst Arab Chain, the largest amount of XRP that was taken off exchanges in February were from Binance. Binance had just under 3.38 billion tokens taken out in February.
Arab Chain believes that the reason for the higher amount of this token being withdrawn from Binance compared to the other exchanges is because of the size of Binance’s trading volume and the number of users on Binance.
In addition to Binance, there were also XRP withdrawals reported on Bybit and OKX. Based on CryptoQuant data, Bybit saw just less than 770 million XRP withdrawn from the exchange during the month of February.
OKX users also withdrew nearly 395 million XRP from the exchange during the same timeframe. While these numbers represent less than what was seen at Binance, they demonstrate that a considerable quantity of this token is being withdrawn from multiple centralized trading platforms.
Source: CryptoQuant
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Technical Analysis Suggests Varied Momentum
According to charts from TradingView, the token’s price has begun to recover from the momentum lost as a direct result of the large selloff in the early days of February.
As of the time of this writing, this token is trading above the 50-period Exponential Moving Average (EMA), which is currently at approximately $1.39. However, it is still trading below the 200-period EMA, which is at approximately $1.49.
Source: TradingView
Momentum indicators indicate that the short-term outlook for the coin appears positive. The RSI is now at approximately 67, which suggests increased buying pressure for the token.
It is also approaching the overbought region. The MACD indicator also showed a modest bullish crossover, which further confirms the positive short-term momentum.
If XRP can trade above the 200-EMA (currently at approximately $1.49), it could be indicative of a stronger price rebound for the coin. However, if it is unable to surpass the 200-EMA, it may result in the coin continuing to trade within the same trading range for some time. This could continue to happen until the market settles down and reacts to the recent price volatility and macroeconomic factors.
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