XRP Looks Bullish As $1.3B Exits Exchange Reserve, Analyst Forecasts Next Leg Up For Binance Coin

CryptoQuant data indicate that $1.3 billion has been withdrawn from XRP exchange reserves over the past month. It appears whales have been taking advantage of the volatile market to stock up on Ripple. Analysts forecast that the value of XRP could soar to $4.80 if this happens.

Another analyst, Cipher X, noted that the Binance Coin price might rally to a new level if it holds a key breakout region. Crypto Patel predicts that the BNB price could soar to $1,500.

Ripple Exchange Reserves Drop By $1.3B In One Month

As per CryptoQuant data, more than $1.3 billion worth of XRP has exited exchanges in the last month. The XRP reserves fell to $5.7 billion on December 10, compared to $7 billion on November 10.

This shrinking of exchange reserves may have the effect of whales accumulating Ripple and betting that it will rise in the long term. Conversely, the Ripple network has recorded the lowest level of network activity in three months.

Glassnode data shared by STEPH IS CRYPTO revealed that XRP active addresses had dropped to 37,088, a decline in user activity that could be due to the volatile crypto market.

In the meantime, the XRP price has been consolidating between $2.00 and $2.18 over the past week. The $2.00 level has acted as a strong resistance preventing further decline.

Nevertheless, Niels notes that the XRP coin price could soar to $4.80 if bulls continue to defend this support level. Another expert, Javon Marks, believes XRP could climb higher. He told his followers that Ripple could climb to $14 if it outperformed Bitcoin on the XRP/BTC chart, as it had in previous times.

Analysts Forecast Uptrend For Binance Coin 

The Binance Coin has been trading below $1,000 since it lost the level on November 11. The BNB price has fallen by 11.8% in the past month. The price of BNB is also bearish on the weekly timeframe with a loss of 4.7%.

Despite the bearish movement, Cipher X notes that Binance Coin might be ready for the next leg up after retesting the previous all-time high break around $700-$900. He said that upside potential is high as long as this level holds. 

Cipher X expects a rally to begin once Binance Coin breaks past the upper level. Another expert, CryptoPatel, stated that BNB is sitting at an important support level. If Binance Coin holds above $700–$550, he predicts a potential uptick to $1,500 and then $3,000 in the long run. 

On the other hand, Crypto Patel noted that losing this support could pave the way for a steep decline to $170–$250. Presently, the sentiment surrounding BNB is bearish. The RSI is still below the average mark, which signals that bears have the upper hand. 

Also, the Fear and Greed Index reads 29 (fear), signaling a lack of trust from investors. Yet, Binance Coin’s performance is not totally bearish. The altcoin has recorded 15 green days in the past month, which is average.

In Summary

The decline in the Ripple exchange reserves indicates that investors are optimistic about XRP. The altcoin may shoot to higher heights in the next few weeks if institutional adoption keeps increasing. Additionally, Binance Coin has the potential to make a significant comeback and reenter the $1,000 zone.