XRP Price Prediction as Ripple Hits 11-Week Low Despite Whale Buying and Exchange Outflows

Ripple (XRP) price was down 6% today, November 6, to trade at $1.18 at the time of writing. This marks the first time that XRP has traded below $1.19 since late August, as bearish trends continue to grip the broader crypto market.

Amid this price weakness, whales continue to accumulate XRP. Meanwhile, exchange outflows have also risen, which could weaken the selling pressure in the near term.

XRP Whales Accumulate More Coins During Dip

Whales have purchased around 60 million XRP coins in seven days, per analyst Ali Charts. The purchase coincided with a slight uptrend in the price, as the altcoin moved from $1.20 on October 30 and briefly touched $1.34 on November 4.

However, after risk assets crashed because of concerns that the AI sector is on the verge of collapsing, XRP wiped these gains and dropped to $1.18.

Data from the Hyperliquid Whale Tracker on CoinGlass suggests that these whales may be back after that drop because two accounts have opened $3.94 million worth of long positions in 24 hours.

If the drop to the 11-week low attracts more whales who want to buy the dip, it could support a rebound for XRP price.

Exchange Outflows Could Weaken Selling Pressure

Data from CryptoQuant shows a surge in XRP outflows from exchanges. On November 9, 418.5 million XRP exited the Binance exchange. This was even higher than the outflows seen after the hack on the Binance exchange.

However, the rising exchange outflows may not have a bullish effect on the value of XRP price unless there is also demand from traders, and right now, the sentiment suggests that buyers may be steering clear.

The XRP social sentiment has dropped to negative territory, with this being the lowest level seen since July.

The demand for XRP ETFs has also fizzled out, with data from SoSoValue showing that these products have not seen any inflows since October 29.

The ETFs have also seen $1.41 billion in net assets, with this being .8% of the total market cap.

XRP Prediction as Downtrend Gains Momentum

XRP price outlook on the daily chart shows that a strong downtrend is in play, as it remains below the 200-week EMA.

In case of a reversal, this EMA at $1.36 is the first resistance that XRP price has to break before it can confirm an upward move.

However, if bears tighten their grip, XRP price could drop to the support at $0.98.

The technical indicators currently show that the momentum is weak because the RSI has dropped to 42. The drop below 50 suggests that the bearish momentum is gaining strength.

Unless the whale buying is also accompanied by retail buying to boost demand, XRP price may not post a strong recovery.