Time to Buy XRP? $60.7M in XRP Outflow from Exchanges
XRP, the native token of Ripple Labs, is set to fall significantly in price as it fails to hold key support levels. Despite the pessimistic outlook, long-term holders appear to be accumulating tokens and appear to be taking advantage of recent price drops, reported on-chain analytics firm Coinglass.
XRP fails to maintain bullish outlook
Before this plunge, the overall market sentiment showed bullishXRP appears poised for a major rebound. However, the recent price drop has changed the overall market sentiment, including for XRP.
On January 2, 2024, XRP broke out of a bullish flagpole price action pattern and subsequently entered a consolidation zone where the altcoin remained for four trading days. However, the recent price plunge has broken out of XRP’s consolidation zone and suggests a significant price decline in the near future.
XRP loses $60.7 million from exchanges
Whales and long-term holders appear to be accumulating assets amid falling prices, on-chain analytics firm reports coin glass. Spot inflow/outflow data shows that the exchange witnessed $60.7 million worth of XRP outflows in the past 24 hours.
In cryptocurrencies, outflows refer to the movement of assets from exchanges to wallets, which is often seen as a sign of accumulation. Additionally, outflows may indicate potential buying opportunities and the possibility of an upside rebound.
Current Price Momentum
Currently, XRP is trading close to $2.30, with the price down 4.9% in the past 24 hours. During the same period, its trading volume surged by 85%, indicating increased participation from traders and investors compared to the previous day.
