Overview
- XRP retraced roughly 10% and is testing support at $1.40–$1.45 after a bull‑flag breakout, with technicians eyeing $1.50–$1.65 to confirm momentum toward $1.70–$1.72.
- On-chain data show sustained exchange-to-custody withdrawals led by Binance, including a Feb. 6 single‑day outflow of 530 million XRP and continued elevated outflows through mid‑March.
- South Korean activity remains notable as Upbit withdrawals have accelerated since December 2025, a pattern analysts link to prior accumulation phases.
- Derivatives positioning is fragmented: Binance saw the largest open‑interest increase (+188.7 million XRP) while OKX, Bitfinex and BitMEX posted declines, underscoring concentrated liquidity on Binance.
- Institutional participation looks subdued with US-listed XRP spot ETFs posting zero net inflows on Wednesday (cumulative ≈ $1.21B), as the Fed’s rate hold and geopolitical tensions weigh on risk appetite.