XRP, the native token of Ripple Labs, is capturing significant attention from crypto experts and the global community. Recently, XRP has been consolidating within a specific range, with both whales and institutions exhibiting strong interest and confidence in this digital asset. These insights have been highlighted by the on-chain analytics firm Coinglass.
$300 Million XRP Outflows Signal Accumulation Phase
Recent data focusing on XRP’s spot inflow and outflow metrics indicate that over $298.89 million worth of XRP has flowed out of exchanges in the past week. Despite this significant outflow, the altcoin has not enjoyed any price surge during this period; instead, it has encountered a 7% price decline.
In cryptocurrency parlance, outflow is often interpreted as long-term holders withdrawing their assets from exchanges to personal wallets. This movement frequently signals a potential upside rally and is considered an ideal buying opportunity for investors.
XRP Current Price Momentum
As of the latest data, XRP is trading near $2.41, showing a price increment of over 1.45% within the last 24 hours. Despite this gain, its trading volume has witnessed a 35% drop, suggesting reduced participation from traders and investors as XRP continues its consolidation phase.
XRP Technical Analysis and Upcoming Levels
Expert technical analysis reveals that XRP has formed a bullish flag-and-pole price action pattern on its daily chart. Although the altcoin has breached this pattern, it is currently grappling with resistance at the pivotal $5 mark.
Analysis from recent price movements suggests that if XRP manages to close a daily candle above the $2.51 level, there is a strong chance it could surge nearly 80% to reach approximately $4.5 in the forthcoming days. The chart implies that XRP will likely continue its consolidation until it breaks through this zone and achieves a daily close above $2.51.
Furthermore, the rising interest in XRP is expected to propel its price higher in the near future. According to Google Trends data, searches for XRP have significantly increased, potentially fueling the ongoing accumulation phase.