XRP is maintaining its bullish pennant breakout despite a recent pullback.
Korean traders are withdrawing XRP from the Upbit exchange at an unprecedented rate.
XRP Bullish Pennant Breakout Underway
XRP broke out of its persistent bullish pennant formation last week, experiencing a pullback on Thursday to retest the prior ascending trendline as new support, a common move after a breakout.
A bullish pennant appears during periods of consolidation within a descending channel after a strong uptrend. Once price breaks out of this channel, old resistance levels typically turn into support on a retest.
For XRP, the key area is around the mid-$1.40s, which also coincides with the 20-day exponential moving average (20-day EMA, green line).
Holding above this level would validate the breakout and keep the bullish pennant's upside target near $1.70-$1.72, approximately a 20% increase from current levels.
XRP Record Withdrawals on Upbit Exchange
The bullish technical signals for XRP coincide with a surge in recent withdrawal activity from the South Korean exchange Upbit, according to CryptoQuant data.
Wallets of nearly all sizes have been steadily moving XRP out of exchanges since December 2025, reducing immediate selling pressure. This trend is often associated with accumulation phases.
This period follows a significant rally where XRP climbed from below $1 to over $3, marking a roughly 500% gain.
Upbit has long been an active venue for XRP traders, often serving as a barometer for retail sentiment. As of Thursday, XRP’s trading volume denominated in South Korean Won (KRW) ranked fourth over the past 24-hour rolling period.
XRP Whale Fund Flow Signals Renewed Accumulation
XRP whale activity also begins to support the bullish thesis.
The latest reversal indicates that whales are no longer actively distributing and may be shifting towards accumulation.
Historically, whale fund flows turning from negative to positive typically precede the early stages of trend reversals and accumulation-driven consolidations. This includes XRP’s rally from roughly $2.20 to $3.55 between April and September 2025.