[DigitalToday reporter Yoonseo Lee] XRP posted the biggest drop among the top 10 cryptocurrencies by market value. BeInCrypto, a blockchain media outlet, reported on March 31 (local time) that XRP traded at $1.33, down more than 2 percent on the day, underperforming the broader market, which rose 0.51 percent over the same period.

The market cited ongoing geopolitical tensions and macroeconomic uncertainty as weighing on investor sentiment across digital assets, as a factor behind XRP's weakness.

Some analysts, however, said the market does not offer only bearish signals. Analyst Darkfost said some assets are showing relatively resilient moves even as conditions remain difficult across altcoins. He said XRP has maintained a box range of $1.30 to $1.50 for several months. XRP is still down more than 60 percent from its previous all-time high.

Darkfost said that during the range-bound period, some holders appear to be accumulating rather than dumping. "On-chain activity on Binance has clearly revived since late February, and that is reflected in a large increase in the number of outflow transactions. It means more users are withdrawing tokens from the exchange," he said.

XRP withdrawal transactions on Binance have increased notably since late February. There were several days when daily outflow transactions exceeded 4,000, with some coming close to 6,000. A large share of withdrawal transactions was concentrated in the range of 1,000 to 100,000 XRP, prompting an interpretation that the moves are closer to those of mid-sized investors than ultra-large whales.

Typically, rising withdrawals from exchanges to external wallets are read as a bullish signal because they reduce the amount of tokens that can be sold on centralised exchanges. Darkfost said the key question is whether such accumulation will be enough to break out of the current range and reignite a bullish trend in the coming months.

Data from on-chain analytics firm CryptoRank was also presented. XRP posted an average April return of plus 24.8 percent and, on a median basis, also showed a positive move of plus 2.05 percent. Even if accumulation and seasonal strength persist, it is uncertain whether they will lead to a breakout from the range. The trend of shrinking exchange supply suggests underlying demand for XRP could build regardless of short-term weakness.

The XRP market is seen as a mixed phase where short-term weakness and medium- to long-term accumulation signals appear at the same time. The next move is likely to depend on whether the lower end of the range can hold and whether declining exchange supply can translate into an actual price rebound.

️ XRP accumulation growing inside the range. « During this period, several days recorded more than 4,000 outflow transactions, with some peaks reaching close to 6,000 transactions in a single day. » Full article on CryptoQuant, link below pic.twitter.com/ac4538boBf