XRP, Ripple Labs’ native token, is receiving significant attention from cryptocurrency experts and community members around the world. As revealed by on-chain analytics firm Coinglass, over the past few days, XRP has been seeing a wide range of consolidation, with whales and institutions showing strong interest and trust in the token.
$300M XRP outflow signal accumulation stage
According to XRP’s spot inflow/outflow indicator data, the exchange has recorded significant outflows of over $298.89 million over the past seven days. Despite this, the altcoin did not experience a price surge during this period and instead faced a 7% price decline.
In cryptocurrency terminology, an outflow refers to a long-term holder withdrawing assets from an exchange to their wallet. These outflows often indicate potential upside and provide ideal buying opportunities.
XRP Current Price Momentum
As of press time, XRP is trading near $2.41 and has recorded a price increase of over 1.45% in the last 24 hours. However, trading volume has fallen 35% over the same period, indicating reduced participation from traders and investors as the asset continues to consolidate.
XRP Technical Analysis and Future Levels
According to expert technical analysis, XRP has formed bullish flag and pole price action patterns on daily time frames. The altcoin has already violated this pattern but is currently facing resistance at the crucial $5 level.
Recent price action suggests that if XRP closes the daily candle above the $2.51 level, it is likely to surge around 80% and reach the $4.5 level in the next few days. According to the chart, XRP is likely to break this area and continue to consolidate until the daily close is above $2.51.
Additionally, interest in XRP continues to grow, which could push the price higher in the future. According to Google Trends, searches for XRP have skyrocketed, potentially contributing to continued accumulation.