Ripple Labs’ native token, XRP, has received significant attention from the cryptocurrency giant despite a notable price drop over the past 24 hours. As of December 11, 2024, sentiment across the cryptocurrency landscape appears bearish, with experts viewing this as a price correction.
Whale interest grows in XRP
However, some believe this could be the perfect buying opportunity as the cryptocurrency industry continues to receive support from high-profile figures such as cryptocurrency advocate President Donald Trump and the recently elected Chairman of the Securities and Exchange Commission (SEC).
Given this market outlook, whale and institutional participation has surged over the past 24 hours, according to on-chain analytics firm Coinglass.
XRP exchange outflow surges to $213 million
Amid continued price declines, XRP spot inflow and outflow data shows that exchanges have witnessed significant outflows of $213 million worth of XRP. These notable outflows have occurred over the past 48 hours, coinciding with selling pressure faced by XRP and the broader cryptocurrency market.
In the cryptocurrency context, “outflow” refers to the movement of assets from an exchange to a wallet address. However, investors and industry giants see these significant outflows as a potential buying opportunity, signaling the possibility of upward momentum.
XRP Technical Analysis and Future Levels
Along with this positive market sentiment, XRP appears to be retesting its recent breakout of the $2 level and experiencing a price reversal, indicating potential upward momentum in the coming days. Recent price action suggests that the altcoin is likely to surge by at least 30% and reach the $2.90 level in the near future.
On a positive note, XRP’s Relative Strength Index (RSI) is currently at 62, indicating that the asset is not in overbought territory. This means that there is ample room for XRP to rise significantly in the coming days.
Current price momentum
At press time, XRP is trading near $2.25 and has experienced a 2.5% price decline over the past 24 hours. Nonetheless, the asset has seen a significant recovery within the same period. Additionally, trading volume soared by 108%, indicating that the participation of traders and investors has increased compared to the previous day.