Is it time to buy XRP? Record an outflow of 250 million dollars
Due to the huge gains made in the last 24 hours, the current market sentiment seems to be confusing. Meanwhile, Ripple Labs' native XRP looks promising and poised for a major rally, as long-term holders have shown strong interest and are hoarding large amounts of tokens.
Record $250 million XRP outflow
According to on-chain analytics firm CoinGlass, spot inflow/outflow benchmark exchanges experienced $250.67 million in XRP inflows. This is the highest foreign exchange rate seen in the last year.
In the cryptocurrency landscape, “outflow” refers to the transfer of assets from long-term investors or investors to wallets, which can also refer to stocks. This can create buying pressure and more upside momentum. Also, it suggests a good buying opportunity.
Current price momentum
However, due to recent gains, the entire cryptocurrency market is struggling to gain momentum, and the same is true for XRP.
XRP is currently trading near $3.15, a modest decrease of 0.50% in the last 24 hours. However, at the same time, investors and traders found the price attractive, resulting in a 110% jump in trading volume.
XRP technical analysis
According to expert technical analysis, XRP seems to be consolidating in a tight range and holding its critical level, waiting for a price drop, which will increase stability like other cryptocurrencies.
On the daily time frame, XRP's Relative Strength Index (RSI) is below the overbought area, suggesting that the asset has ample room to grow and consolidate.
XRP price prediction
Based on the recent price action and historical price progress, if XRP breaks the upper level of the consolidation zone and closes a daily candle above the $3.30 level, it may rise by 36% to reach the $4.50 level in the future. .
However, the strong price action and the $250.67 million exchange rate hint that a major upside rally is likely to occur soon.
