$300 Million XRP Outflows, Buy Opportunity?
XRP, the native token of Ripple Labs, is receiving significant attention from cryptocurrency experts and community members around the world. On-chain analytics firm revealed that XRP has been consolidating in a range over the past few days, with whales and institutions showing strong interest and confidence in the token coin glass.
$300 million XRP outflow signal accumulation stage
According to data from the XRP Spot Inflow/Outflow indicator, the exchange recorded significant outflows of over $298.89 million in the past seven days. Despite this, the altcoin did not experience any price surge during this period and instead faced a 7% price drop.
In cryptocurrency terms, an outflow occurs when long-term holders withdraw assets from an exchange to their wallets. Such outflows often signal a potential upside rally and provide an ideal buying opportunity.
XRP Current Price Momentum
At press time, XRP was trading close to $2.41, with prices up more than 1.45% in the past 24 hours. However, its trading volume fell by 35% during the same period, indicating reduced participation from traders and investors as the asset continues to consolidate.
XRP Technical Analysis and Upcoming Levels
According to expert technical analysis, Ripple A bullish flagpole price action pattern has formed on its daily time frame. While the altcoin has broken out of this pattern, it currently faces resistance at the key $5 level.
Based on recent price action, if XRP closes above the $2.51 level, there is a high chance that it will surge nearly 80% to $4.5 levels in the coming days. The chart suggests that XRP may continue to consolidate until it breaks out of this area and achieves a daily close above $2.51.
Additionally, interest in XRP continues to rise, which could push its price higher in the coming days. According to Google Trends, searches for XRP have skyrocketed, possibly leading to XRP’s continued accumulation.
