XRP Continues to Attract Attention Despite Price Decline
XRP, the native token of Ripple Labs, has been making headlines recently as it experiences a notable price decline over the past 24 hours. Despite this, the cryptocurrency has garnered significant attention from industry giants and investors alike.
Market Sentiment and Price Correction
As of today, December 11, 2024, sentiment in the cryptocurrency market appears bearish, with experts attributing this to a necessary price correction. However, some see this as a potential buying opportunity, especially as key figures like pro-crypto President Donald Trump and the new Chair of the Securities and Exchange Commission (SEC) show support for the industry.
Whales’ Interest in XRP on the Rise
Amidst the price decline, data from on-chain analytics firm Coinglass indicates a surge in participation from whales and institutions in the past 24 hours. This increased interest from large investors suggests a growing confidence in XRP’s future potential.
XRP Exchange Outflows Spike to $213 Million
Despite the ongoing price decline, exchanges have seen a significant outflow of $213 million worth of XRP in the last 48 hours. This outflow, often seen as a buying opportunity by investors, coincides with the selling pressure faced by XRP and the wider cryptocurrency market.
XRP Technical Analysis and Potential Upside
Technical analysis indicates that XRP is retesting its recent breakout at the $2 level and showing signs of a price reversal. This suggests the potential for upside momentum in the coming days, with predictions of a 30% surge to the $2.90 level.
Current Price Momentum
At the time of writing, XRP is trading around $2.25, experiencing a 2.5% price decline in the last 24 hours. Despite this, the asset has shown significant recovery within the same period, with trading volume increasing by 108%. This uptick in volume indicates growing interest from traders and investors.