XRP, the digital asset native to Ripple Labs, has been a topic of interest among major players in the crypto space despite experiencing a notable price drop over the last 24 hours. As of December 11, 2024, the sentiment surrounding cryptocurrencies appears bearish, with many experts attributing it to a necessary price correction.
Whales’ Growing Interest In XRP
Nevertheless, some view this as an opportune moment to buy, especially as the crypto industry gains support from influential figures such as pro-crypto President Donald Trump and the newly elected Chair of the Securities and Exchange Commission (SEC).
Amid this market scenario, data from the on-chain analytics firm Coinglass indicates a surge in participation from whales and institutions over the past 24 hours.
XRP Exchange Outflows Reach $213 Million
Despite the ongoing price decline, reports on XRP spot inflow and outflow reveal that exchanges have witnessed a substantial outflow of $213 million in XRP tokens. This significant movement coincides with the selling pressure faced by XRP and the broader crypto market.
In the world of cryptocurrencies, “outflow” refers to the movement of assets from exchanges to wallet addresses. Despite the significant outflow, many investors and industry experts see this as a potential buying opportunity, hinting at possible upward momentum.
XRP Technical Analysis and Future Levels
With the positive market sentiment in mind, XRP seems to be retesting its recent breakout at the $2 mark and showing signs of a price reversal, indicating a potential upward trend in the days ahead. Based on recent price movements, there is a strong likelihood that the altcoin could surge by at least 30%, reaching the $2.90 level soon.
On a positive note, XRP’s Relative Strength Index (RSI) currently stands at 62, suggesting that the asset is not in overbought territory. This implies that XRP has room to grow significantly in the near future.
Current Price Trends
At the time of writing, XRP is trading around $2.25, experiencing a 2.5% decline in the last 24 hours. Despite this, the asset has displayed notable recovery within the same timeframe. Additionally, its trading volume has surged by 108%, indicating increased engagement from traders and investors compared to previous days.
