The current market sentiment seems confusing due to the massive profit taking in the last 24 hours. Amid this, XRP, Ripple Labs’ native token, appears promising and poised for a massive upward rally as long-term holders have shown strong interest and accumulated significant amounts of tokens.
Record $250 Million in XRP Outflows
According to on-chain analytics firm CoinGlass, the spot inflow/outflow metric revealed that exchanges experienced an outflow of $250.67 million in XRP. This enormous outflow is the highest that the stock markets have experienced in the past year.
In the cryptocurrency landscape, “outflows” refer to the movement of assets from exchanges into the portfolios of long-term holders or investors, potentially indicating accumulation. This can create buying pressure and further upward momentum. Moreover, it indicates an ideal buying opportunity.
Current price momentum
However, due to the recent profit taking, the overall cryptocurrency market is struggling to gain momentum, and the same is happening with XRP.
Currently trading around $3.15, XRP has experienced a modest price drop of 0.50% over the past 24 hours. However, during the same period, investors and traders found the price attractive, resulting in a 110% increase in trading volume.
XRP technical analysis
According to expert technical analysis, XRP seems to be consolidating within a tight range and maintaining its crucial level, maintaining stability against price declines, unlike other cryptocurrencies, making it bullish.
On the daily time frame,
XRP Price Prediction
Based on the recent price action and historical price momentum, if .50 level. .
However, the bullish price action and $250.67 million outflow from the stock markets indicate that a massive upward rally is likely to take place soon.
Credit : coinpedia.org
