XRP at Make-or-Break Level, Can It Hold $2.15?
Post XRP is on a make-or-break juncture, can it hold $2.15? first appeared in Coinpedia FinTech News
XRP, the native token of Ripple Labs, is making waves amid ongoing market uncertainty. The cryptocurrency market as a whole has faced downward momentum over the past few days.
XRP Current Outlook
Nonetheless, XRP has held on to the key support level of $2.15 for the past five trading sessions. Meanwhile, major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) have experienced significant price declines during the same period.
underlying reasons behind Ripple The ability to maintain its support levels lies in the continued support and confidence of investors and traders, reports the on-chain analytics firm coin glass.
XRP outflows worth $407 million
XRP spot inflow/outflow data shows that exchanges across the cryptocurrency space have witnessed $407 million worth of XRP outflows in the past six days. During this period, the exchange did not face any inflows or token deposits from wallet addresses, which hints at bullish signs.
In the cryptocurrency world, “outflow” refers to the movement of assets from exchanges to wallets and also represents accumulation. However, this significant outflow suggests underlying upside momentum and an ideal buying opportunity. If this trend continues, it is likely to create buying pressure.
Technical Analysis and Upcoming Levels
According to expert technical analysis, XRP is at the critical support level of $2.15 and appears to be losing control of this support level.
Based on recent price action and historical momentum, if the altcoin closes below the $2.15 level, a 15% drop to the next support level at $1.95 is very likely.
On the contrary, if XRP maintains this level, it is very likely that it will surge by 25% to reach the $2.75 mark in the future.
Current Price Momentum
Currently, XRP is trading close to $2.20, with the price down more than 1.05% in the past 24 hours. Its trading volume fell by 5% during the same period, indicating reduced participation from traders and investors amid market uncertainty.
