Ripple Labs’ native token, XRP, is poised to continue its upward momentum after facing recent selling pressure. This positive outlook for XRP is driven by potentially bullish price action, increased interest from whales and traders, and significant pullbacks from exchanges.
XRP’s price momentum
Despite this optimistic outlook, XRP has recorded a 3% price decline over the past 24 hours and is currently trading near $2.40. Meanwhile, interest from whales and traders led to a 12% increase in trading volume and significant token withdrawals from exchanges over the same period, according to a report by an on-chain analytics firm.
$315 Million XRP Leaked
According to on-chain analytics firm Coinglass, XRP spot inflow/outflow data shows that exchanges across cryptocurrency markets have seen $315 million worth of XRP outflow.
The technical term “outflow” in cryptocurrency refers to the flow of assets from exchanges to wallets, which represents a potential buying opportunity, reduces selling pressure, and suggests the potential for future upside.
The last time the exchange saw significant inflows, the price of XRP fell 20%. Now it’s going in the opposite direction, hinting at a potential upside.
XRP Technical Analysis and Future Levels
According to expert technical analysis, Based on recent price action and historical momentum, if the altcoin breaks and closes its daily candle above the $2.45 level, it is likely that XRP will surge 18% and reach the $2.90 level in the next few days.
Combining these indicators with technical analysis, it appears that bulls are currently dominating the asset, which could support XRP’s upward momentum to continue and reach new highs in the future.