XRP is currently trading around $1.31, navigating a critical technical zone as large-scale holders continue to accumulate the asset. According to data from Santiment, wallets holding at least 10 million tokens now control approximately 68.5% of the total supply, marking the highest concentration of holdings since November 2022. This significant accumulation by whales occurs while the price attempts to stabilize after a recent decline, with the token currently testing key resistance levels that could determine its next major move.

Technical levels define short-term direction

CryptoPotato reported that XRP is rebounding toward $1.32 after successfully defending the $1.26 support level for the second time in October. The asset is now pressing against the upper boundary of a short-term descending channel, which overlaps with the 0.5 Fibonacci retracement level at $1.34. U.Today noted that the token is range-bound between $1.25 and $1.37, with a daily close above $1.37 required to confirm that buyers have regained control. A breakout from this area could shift the short-term structure, potentially opening the path toward the $1.40 supply zone and eventually the $1.50 region.

Whale accumulation and exchange outflows

Santiment explained that the increase in whale holdings suggests large investors are maintaining their exposure despite current market weakness, while smaller traders may be losing confidence. Supporting this trend, XRP exchange outflows reached approximately 5.3 billion tokens over a 30-day period, although this figure remains below the 6 billion recorded in October. Binance accounted for the largest share of these outflows, with approximately 2.206 billion tokens leaving the platform, followed by OKX, Bybit, Upbit, and Bitget. These movements indicate that more XRP is moving into private wallets, potentially reducing the tokens readily available for sale on exchanges.

Corporate activity and ETF flows

On the corporate front, Evernorth Holdings is seeking to raise up to $80.7 million through an equity facility with Cantor Fitzgerald to purchase additional XRP and fund ecosystem development. The company, which recently listed on Nasdaq under the ticker XRPN, already holds around 473 million XRP in its treasury. Meanwhile, US-listed spot XRP funds started the week with $3.61 million in outflows, reversing the positive trend from the previous week. Ripple is also expanding its corporate treasury platform with AI-powered automation and a new 24/7 Returns feature for eligible businesses.

What to watch next

The next few candles are crucial for determining the short-term direction of XRP. A decisive breakout above the $1.34 trendline could trigger a relief rally toward $1.40, while a rejection at this level would likely send the price back to retest support. If the $1.26 level breaks on a decisive daily close, the token could slide toward $1.20. Conversely, holding above $1.2 alongside continued whale accumulation would support the bullish outlook, with the TD Sequential indicator flashing a buy signal on the three-day chart.