XRP, the native token of Ripple Labs, is attracting significant attention from cryptocurrency experts and community members globally. Recent data from on-chain analytics firm Coinglass indicates that XRP has been consolidating in a range, with whales and institutions showing strong interest and confidence in the token.
$300M XRP Outflows Signal Accumulation Phase
Exchanges have witnessed a substantial outflow of over $298.89 million in XRP over the past seven days. Despite this significant movement, the altcoin’s price has experienced a 7% decline without a corresponding surge.
Outflow in cryptocurrency terms typically indicates long-term holders moving assets from exchanges to wallets, often hinting at a potential rally and presenting an opportune time to buy.
XRP Current Price Momentum
Currently, XRP is trading around $2.41 with a 1.45% price increase in the last 24 hours. However, trading volume has dropped by 35%, suggesting reduced participation as the asset consolidates.
XRP Technical Analysis and Upcoming Levels
Expert analysis reveals that XRP has formed a bullish flag-and-pole pattern on the daily chart. While the altcoin has broken this pattern, it faces resistance at the crucial $5 level.
Recent price action suggests that if XRP closes above $2.51, there is potential for an 80% surge towards $4.5. The chart indicates ongoing consolidation until breaching this level and achieving a daily close above $2.51.
Interest in XRP is on the rise, as evidenced by increased searches on Google Trends, which could drive its price upward. The accumulation phase for XRP appears to be continuing, attracting attention from investors and traders alike.
