Time to Buy XRP? $315 Million Flows Out of Exchanges
XRP, the native token of Ripple Labs, is now poised to continue its upward momentum after facing selling pressure in recent days. This positive outlook for XRP is likely driven by bullish price action, rising interest from whales and traders, and massive withdrawals from exchanges.
XRP Price Momentum
Despite the positive outlook, the price of XRP has fallen by 3% in the past 24 hours and is currently trading near $2.40. At the same time, interest comes from whale An on-chain analytics firm reported a 12% increase in trading volume over the same period, and significant token withdrawals from exchanges.
XRP outflow of $315 million
According to on-chain analytics firm coin glassXRP spot inflow/outflow data shows that exchanges across the cryptocurrency market witnessed $315 million worth of XRP outflows.
The technical term “outflow” in cryptocurrency refers to the movement of assets from exchanges to wallets, indicating the presence of potential buying opportunities, reducing selling pressure, and hinting at the possibility of an upward rebound in the coming days.
The last time the exchange saw significant inflows, the price of XRP fell by 20%. Now, things are happening in the opposite direction, hinting at a potential upside rebound.
XRP Technical Analysis and Upcoming Levels
According to expert technical analysis, XRP recently broke above the downtrend line but is currently struggling to rebound due to strong resistance near $2.45. Based on recent price action and historical momentum, if the altcoin breaks and closes above the $2.45 level, there is a good chance that XRP will surge 18% to $2.90 levels in the coming days.
When combining these indicators with technical analysis, bulls appear to be dominating the asset at the moment, which could support XRP to continue its upward momentum and reach new highs in the coming days.
