Buy XRP Alert! The cost of 213 million dollars from exchanges
Ripple Labs native XRP has seen a significant drop in price over the past 24 hours, but has received a lot of attention from crypto giants. As of today, December 11, 2024, the sentiment on the cryptocurrency landscape looks bullish, which experts see as a price correction.
Whale demand is increasing with XRP
However, some believe this could be the perfect buying opportunity, as the crypto industry continues to receive support from prominent figures such as pro-crypto President Donald Trump and the recently elected chairman of the Securities and Exchange Commission (SEC).
From this market perspective, whale and institutional participation has increased over the past 24 hours.
The XRP exchange rate has risen to $213 million.
Amidst the ongoing price decline, data on XRP spot ebb and flow shows that exchanges have seen a peak flow of $213 million worth of XRP. This significant outflow occurred in the last 48 hours, coinciding with the selling pressure experienced by XRP and the broader crypto market.
“Outflow” in the cryptocurrency context refers to the transfer of an asset exchange to a wallet address. Investors and industrial giants, however, see this massive outflow as a potential buying opportunity, signaling an upward trend.
XRP technical analysis and upcoming levels
Alongside this positive market sentiment, XRP appears to be retesting the recent $2 level and experiencing a price reversal, indicating potential downside in the coming days. Based on the recent price action, there is a strong possibility that the altcoin will increase by at least 30%, reaching the level of $2.90 in the near future.
On a positive note, XRP's Relative Strength Index (RSI) currently stands at 62, indicating that the asset is not in overbought territory. This suggests that XRP has enough room to increase significantly in the coming days.
Current price momentum
At press time, XRP is trading near $2.25 and has experienced a 2.5% drop in price over the past 24 hours. Despite this, the property showed a significant recovery in the same period. In addition, the transaction volume increased by 108 percent.
