XRP, the native token of Ripple Labs, is currently showing signs of a potential upward trajectory after experiencing some selling pressure in recent days. This optimistic forecast for XRP is likely spurred by bullish price activity, mounting interest from both whales and traders, and noteworthy withdrawals from exchanges.
XRP’s Current Price Dynamics
Despite the positive sentiment surrounding XRP, the cryptocurrency has seen a price reduction of 3% in the last 24 hours, with its current trading value hovering around $2.40. During this period, the growing interest from whales and traders has led to a 12% surge in trading volume. Additionally, there has been a significant withdrawal of tokens from exchanges, as highlighted by a prominent on-chain analytics firm.
$315 Million XRP Outflow
Data from the on-chain analytics firm Coinglass reveals that cryptocurrency exchanges have experienced a substantial outflow of XRP, amounting to $315 million. In cryptocurrency terminology, “outflow” refers to the transfer of assets from exchanges to private wallets. This movement can signify a buying opportunity, potentially alleviating selling pressure and suggesting an impending upward rally.
Historically, a notable inflow of XRP into exchanges resulted in a 20% drop in its price. Currently, the reverse is occurring, which may indicate a potential rally on the horizon.
XRP Technical Analysis and Key Levels
Experts in technical analysis have noted that XRP recently broke out from a descending trendline. However, the cryptocurrency is encountering resistance near the $2.45 level, hindering its upward momentum. Based on recent price trends and historical data, if XRP manages to breach and sustain a daily close above the $2.45 level, it might experience an 18% surge, potentially reaching the $2.90 mark in the upcoming days.
When these insights are combined with technical analysis metrics, it becomes apparent that bulls are currently in control of the asset. This dominance could bolster XRP’s continued upward momentum, enabling it to reach new heights in the near future.
