Emergency alert! XRP is set to resurface.
Ripple's native XRP is poised to continue its upward trend as its hourly chart flashes a bullish signal. This anomaly on the chart appears after three days of price consolidation.
XRP technical analysis and upcoming levels
According to expert technical analysis, XRP has broken out of the descending triangle price pattern on the hourly time frame and is now set to go higher again. The recent price correction seems to be beneficial for XRP's upcoming rally.
Based on the recent price action, if XRP continues its upward momentum and closes a daily candle above $2.48, there is a strong possibility that it could rise by 17% to reach the $2.90 level or higher if the trend continues.
Currently, the altcoin is trading above the 200 Exponential Moving Average (EMA) on hourly and daily time frames, indicating an uptrend. Meanwhile, XRP's Relative Strength Index (RSI) is near the oversold area, suggesting that it may move higher in the coming days.
$386 million XRP withdrawal from exchanges
In addition to bullish technical analysis, whales and institutions have shown strong interest in the altcoin, as reported by Coinglass's XRP spot inflow/outflow metrics. According to data, the exchange has seen a huge outflow of USD 386.04 million in the last four trading days.
“Outflow” in the cryptocurrency context refers to the transfer of an asset exchange to a wallet address. These measurements suggest that whales and institutions are accumulating signals over long periods of time. Additionally, breakouts indicate buying opportunities, reduce the likelihood of pressure selling, and indicate potential upside.
With high chain metrics and positive technical analysis, it looks like the bulls are currently dominating the asset and could support XRP in the upcoming rally.
Current price momentum
At press time, XRP is trading near $2.35 and has experienced a 0.35% drop in price over the past 24 hours. At the same time, the trading volume decreased by 46 percent, which shows that the participation of traders and investors has decreased compared to the previous days.
