Ripple (XRP) is continuing its upward trend amid moves by whales (large-scale holders) to withdraw funds from exchanges.

As of 11:46 p.m. on October 2, XRP was trading at $1.52, up 2.82% from the previous day, according to CoinMarketCap. According to overseas crypto media outlet CoinGap, this rally came as movements by large XRP holders to pull XRP out of exchanges increased significantly.

Not only XRP but also Bitcoin (BTC) rose on the same day. CoinGap reported that Bitcoin climbed back above $85,000 as the possibility of a Federal Reserve (Fed) rate hike in October (local time) continued to diminish.

Whale Withdrawals Concentrated on Binance and Coinbase

According to analysis by CryptoQuant analyst Amr Taha, cited by CoinGap, whales holding more than 1 million XRP are leading XRP withdrawals from Binance and Coinbase.

The share of withdrawals of 1 million XRP or more on Binance out of the total rose from 45% in mid-August (local time) to 60.8% on September 20 (local time). Meanwhile, the share of withdrawals sized between 100,000 and 1 million XRP fell from 30% on September 6 (local time) to 23.4% on September 30 (local time). CoinGap explained that this shows XRP withdrawals on Binance are currently concentrated among whales.

A similar trend appeared on Coinbase. According to CoinGap, the share of 1 million XRP-scale withdrawals rose from 37% at the end of August (local time) to 48.7% on September 30 (local time).

Evernos Listing and x402 Payment Record Also Add Momentum

Alongside the increase in withdrawals, several other developments surround XRP. CoinGap previously reported that Evernos recently received shareholder approval for a merger, meaning the company, which operates XRP as a reserve asset, is set to become a Nasdaq-listed company. In addition, according to CoinGap, XRP recently set a new record by surpassing 10 million transactions in x402 artificial intelligence (AI) agent payments.

Open Interest and Funding Rates Also Rising

According to figures from CoinGlass cited by CoinGap, XRP open interest on Binance increased from $553 million on September 29 (local time) to $580 million at the time of writing. Hyperliquid showed the same trend, with XRP open interest growing from $284 million on September 29 (local time) to $314 million at the time of writing.

CoinGap interpreted this as a sign of increasing speculative demand for XRP on Binance and Hyperliquid.

According to CoinGap, the rise in open interest on Binance came alongside an increase in long accounts, with the exchange's long/short ratio recorded at 2.31. XRP's open interest-weighted funding rate also rose to 0.01%. CoinGap noted this is the highest level since September 23 (local time).

Chart: Eyes on $1.56 After Resistance Breakout... RSI at 59

According to the XRP 4-hour chart presented by CoinGap, the XRP price has cleared two key resistances: first, the sell zone at $1.51, and second, the downtrend line resistance. CoinGap analyzed that, based on the ADX line pointing upward, XRP's uptrend remains strong even after breaking through these resistances.

CoinGap forecast that if this rally continues, the XRP price could rise further toward liquidity near $1.56. The RSI stands at 59, which CoinGap said also indicates the current uptrend is dominant.

However, a downside scenario was also presented. CoinGap said that if XRP retests the $1.51 support level and fails to hold it, a downtrend could emerge, in which case the price could fall to the $1.48 support level.

[This article is by no means investment advice. The content may be merely opinion, so please do not use it as a reference or source for investment. All investments are made by individual judgment, and the final responsibility lies with the investor. This publication assumes no responsibility whatsoever.]