Amidst the current market uncertainty, XRP, the native token of Ripple Labs, seems to be consolidating within a narrow range between $2.31 and $2.53 in recent days. This consolidation is seen as a significant support level, strengthened by XRP’s upward trendline since late November 2024.
$12 Million Worth of XRP Outflow
Investors and intraday traders are closely monitoring this level, as they have been accumulating and taking long positions, as per data from on-chain analytics firm Coinglass. Recent data shows that exchanges have witnessed an outflow of around $12 million worth of XRP in the last 24 hours.
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The outflow from exchanges suggests potential accumulation, which could lead to buying pressure and further upward momentum. Historically, this level has been a significant price reversal point, which may explain the current consolidation.
Traders Mixed Sentiment
On the flip side, intraday traders seem to be uncertain, resulting in the formation of both long and short positions, as per Coinglass data. Currently, traders with long positions are heavily invested at the $2.31 level, with $33.35 million worth of long positions.
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Conversely, traders with short positions are heavily positioned at $2.45, with $30.30 million worth of short positions. On-chain data suggests that traders are indecisive, leading them to take positions on both sides.
XRP Price Action and Current Momentum
Technical analysis indicates that XRP is consolidating near a crucial support level. If the asset breaks out of consolidation and closes a daily candle above $2.53, there is a strong possibility of a 30% surge to reach $3.30 in the near future, based on recent price action and historical trends.
Despite the uncertain market conditions, XRP is trading above the 200 Exponential Moving Average (EMA) on the daily chart, suggesting an uptrend.
Currently priced near $2.40, XRP has experienced a 2.50% decline in the last 24 hours. During the same period, trading volume has increased by 25%, indicating higher participation from traders and investors compared to the previous day.
