XRP may be preparing for a bullish surprise, as the cryptocurrency’s 7-day net depositing/withdrawing transaction numbers have flipped negative across all major cryptocurrency exchanges. However, some analysts are still confident that the worse is far from over for XRP.
XRP withdrawals rise across exchanges
According to exchange data obtained on Friday, XRP withdrawal activity is again showing signs of domination across leading crypto exchanges such as Binance, Coinbase, and Bybit.
Notably, Coinbase’s 7-day withdrawing transaction count has entered deep into negative territory, falling to -15,500 as of June 19. This is lower than -14,200 noted on April 9, and -12,300 on February 14.
For the uninitiated, the 7-day net depositing/withdrawing transaction readings measure the difference between the number of deposit transactions and withdrawal transactions on an exchange over the past seven days.
A negative reading means more withdrawals than deposits – coins moving off exchanges. In contrast, a positive reading means more deposits than withdrawals, coins moving onto exchanges.
The change indicates that XRP withdrawal transactions are once again outnumbering deposits into exchanges at a rate that is even more extreme than the previous 2 instances.
Crypto exchange Binance showed similar data, as its 7-day withdrawal reading declined to -7,100, close to its April 2025 levels. It is below the -5,200 reading recorded back on February 14 – confirming the shift is not just isolated to Coinbase.
The sharpest reversal was observed on Bybit crypto exchange, where the net depositing/withdrawal metric flipped from around +27,000 on June 7 to around -200 by June 19 – essentially erasing nearly all of the exchange’s early-June deposits within 12 days.
If the cryptocurrency’s withdrawals continue momentum, the digital asset could soon see some bullish price action. In an X post, crypto analyst Tom highlighted that XRP is forming a similar pattern to the 2024 run, which catapulted it from $0.50 to $3.30.
However, this time the target could be even higher – possibly as high as $8.42 because the 1.272 Fibonacci extension points toward it.
XRP crashing to $1?
In contrast to XRP’s bullish thesis because of rising exchange withdrawals and the 2024 fractal, crypto trader Sjuul remarked that the digital asset’s former support level of $1.30 has turned into resistance, and failure to break it soon could crash it all the way down to $1.
XRP’s weekly chart also shows the digital asset in a bearish setup that could lead to it plunging to $0.63. That said, XRP whales continue to accumulate the coin silently.
