Current market sentiment appears confused due to the immense profit taking over the past 24 hours. Amidst this, XRP, the native token of Ripple Labs, looks promising and is poised for a massive upside as long-term holders have shown strong interest and accumulated substantial amounts of the tokens.
Record $250 million in XRP outflows
According to on-chain analytics firm CoinGlass, measuring spot inflows/outflows revealed that exchanges saw an outflow of XRP worth $250.67 million. This massive outflow is the highest that the stock markets have seen in the past year.
In the cryptocurrency landscape, “outflow” refers to the movement of assets from exchanges into the wallets of long-term holders or investors, potentially suggesting accumulation. This can create buying pressure and further bullish momentum. Additionally, this hints at an ideal buying opportunity.
Current Price Dynamics
However, due to recent profit-taking, the overall cryptocurrency market is struggling to gain momentum, and the same is happening with XRP.
Currently, XRP is trading near $3.15 and has seen a slight price drop of 0.50% over the past 24 hours. However, during the same period, investors and traders found the price attractive, leading to a 110% increase in trading volume.
XRP technical analysis
According to expert technical analysis, XRP appears to be consolidating in a narrow range and has maintained its crucial level, maintaining its stability in the face of falling prices, unlike other cryptocurrencies, making it bullish.
On the daily time frame, XRP’s relative strength index (RSI) is below the overbought zone, suggesting that the asset has enough room to surge and break its consolidation.
XRP Price Prediction
Based on recent price action and historical price dynamics, if XRP breaks above the upper level of the consolidation zone and closes a daily candle above the $3.30 level, there is high chances that it will skyrocket 36% to reach the $4.50 level in the future. .
However, the bullish price action and $250.67 million outflow from exchanges suggests that a massive rally is likely to happen soon.
