Market sentiment appears to be confused at the moment, with massive profit-taking taking place over the past 24 hours. Meanwhile, Ripple Labs’ native token, XRP, looks promising and is poised for a massive uptrend as long-term holders have shown strong interest and have been accumulating a significant amount of tokens.
$250 Million XRP Leak Recorded
According to on-chain analytics firm CoinGlass, spot inflow/outflow indicators show that $250.67 million worth of XRP has been flowing out of exchanges. This massive outflow is the highest the exchange has seen in the past year.
In the cryptocurrency environment, “outflow” refers to the movement of assets from an exchange to the wallets of long-term holders or investors, potentially implying accumulation. This could create buying pressure and further upward momentum. It also suggests an ideal buying opportunity.
Current price momentum
However, due to recent profit taking, the entire cryptocurrency market has been struggling to gain momentum, and the same is true for XRP.
XRP is currently trading near $3.15 and has experienced a modest price decline of 0.50% over the past 24 hours. However, during the same period, investors and traders found the price attractive and trading volume surged 110%.
XRP technical analysis
According to technical analysis by experts, XRP is showing strength as it is consolidating in a narrow range and maintaining significant levels while maintaining stability against price declines, unlike other cryptocurrencies.
On the daily time frame, XRP’s Relative Strength Index (RSI) is below overbought territory, which suggests there is ample room for the asset to surge and break the consolidation.
XRP price prediction
Based on recent price action and historical price momentum, if XRP breaks above the upper level of the consolidation area and closes the daily candle above the $3.30 level, it is likely to surge 36% in the coming days and reach the $4.50 level. .
However, the bullish price action and $250.67 million outflow from the exchange suggest that a major rally could occur soon.