$300 Million XRP Spending, Buy Opportunity?
Originating from Ripple Labs, XRP is getting a lot of attention from crypto experts and community members around the world. In the past few days, XRP has been strengthening in the region, whales and institutions are showing strong interest and confidence in the token, as stated by the chain analysis company Coinglass.
$300m XRP exit signal stock level
According to data from XRP's inflow/outflow benchmarks, exchanges have recorded high inflows of more than $298.89 million over the past seven days. Despite this, the altcoin did not experience any price increase during this period and instead experienced a 7% price drop.
In cryptocurrency terminology, withdrawal refers to long-term holders withdrawing assets from their wallets. This breakout often indicates a potential bullish rally and provides a good buying opportunity.
XRP current price momentum
At press time, XRP is trading near $2.41 and has recorded a price increase of over 1.45% in the last 24 hours. However, during the same period, the volume of transactions fell by 35 percent, indicating that the participation of traders and investors was low as the wealth strengthened.
XRP technical analysis and upcoming levels
According to expert technical analysis, XRP has formed a prominent flag-and-pole price action pattern on its daily time frame. The altcoin has already broken this pattern, currently facing resistance at the critical $5 level.
Based on the recent price action, if XRP closes the daily candle above the $2.51 level, there is a strong chance that it will reach the $4.5 level in the coming days. The chart suggests that XRP will continue to strengthen until it breaks this zone and finds a daily close above $2.51.
In addition, there will be increasing interest in XRP, which may increase the price in the coming days. According to Google Trends, searches for XRP have increased, which may contribute to continued accumulation.
