Breakout Alert! XRP Set to Soar Again
XRP, Ripple’s native token, is poised to continue its upward momentum as its hourly chart flashes bullish signals. This bullish phenomenon on the chart comes after three days of price consolidation.
XRP Technical Analysis and Upcoming Levels
According to expert technical analysis, XRP has broken out of the descending triangle price action pattern on the hourly time frame and is now ready to surge higher again. The recent price correction appears to be favorable for XRP’s upcoming rally.
Based on recent price action, if XRP continues its upward momentum and closes above $2.48 on the daily bar, it is very likely to surge 17% to $2.90 levels, or even higher if the trend holds.
The altcoin is currently trading above the 200 exponential moving average (EMA) on both the hourly and daily timeframes, indicating an uptrend. Meanwhile, XRP’s relative strength index (RSI) is approaching oversold territory, indicating potential upside momentum in the coming days.
XRP outflows $386 million from exchanges
In addition to bullish technical analysis, whales and institutions are showing strong interest in the altcoin, according to a report from on-chain analytics firm Coinglass’ XRP Spot Inflow/Outflow indicator. Data shows that in the past four trading days, the exchange has experienced a massive outflow of $386.04 million.
In the cryptocurrency world, an “outflow” refers to the transfer of assets from an exchange to a wallet address. These indicators indicate that whales and institutions are accumulating coins over the long term. Additionally, outflows indicate potential buying opportunities, reduce the likelihood of selling pressure, and signal possible upward momentum.
With bullish on-chain indicators and positive technical analysis, bulls appear to be dominating the asset at the moment and may support XRP in an upcoming rally.
Current Price Momentum
At press time, XRP was trading near $2.35, with the price down 0.35% in the past 24 hours. During the same period, its trading volume fell by 46%, indicating that traders and investors were less engaged than in previous days.
