Is it time to buy XRP? 315 million dollars came out of exchanges
XRP, native to Ripple Labs, is poised to continue its higher run after experiencing selling pressure in recent days. This positive outlook for XRP is driven by strong price action, increased interest from whales and traders, and massive withdrawals from exchanges.
XRP price momentum
Despite this pessimism, XRP recorded a 3% price drop in the last 24 hours and is currently trading around $2.40. Meanwhile, interest from whalers and traders led to a 12 percent increase in trading volume over the same period.
$ 315 million XRP cost
According to on-chain analytics firm CoinGlass, XRP spot inflow/outflow data shows that exchanges in the cryptocurrency market saw a significant inflow of XRP worth $315 million.
In cryptocurrency, the technical term “outflow” refers to the flow of assets into wallets, indicating a buying opportunity, reducing selling pressure, and indicating a potential upside rally in the coming days.
The last time exchanges saw a significant influx of revenue, the price of XRP dropped by 20 percent. Now, it's happening in the opposite direction, hinting that it could be up.
XRP technical analysis and upcoming level
According to expert technical analysis, XRP has broken out of a recent downtrend, but is currently struggling to rally due to strong resistance near $2.45. Based on the recent price action and historical momentum, if the altcoin breaks and closes the daily candle above the $2.45 level, there is a chance that XRP will rise by 18% to reach the $2.90 level in the coming days.
Combining these parameters with technical analysis, bulls are currently controlling the asset, which may help XRP continue its progress and reach new highs in the coming days.
