The current market sentiment remains uncertain as profit-taking has dominated the past 24 hours. Despite this, XRP, the native token of Ripple Labs, is showing promising signs of a significant upside rally. Long-term holders have displayed strong interest in accumulating substantial amounts of tokens, indicating a potential bullish trend.
Record $250 Million of XRP Outflow
According to CoinGlass, an on-chain analytics firm, exchanges have witnessed a record outflow of $250.67 million worth of XRP. This massive movement of assets from exchanges to the wallets of long-term holders suggests accumulation and creates buying pressure. It also signifies an opportune time for investors to consider buying XRP.
Current Price Momentum
Although the overall cryptocurrency market is struggling to gain momentum due to recent profit-taking, XRP is trading near $3.15 with a modest price decline of 0.50% in the past 24 hours. Despite this, trading volume has surged by 110%, indicating that investors and traders find the current price attractive.
XRP Technical Analysis
Expert technical analysis suggests that XRP is consolidating within a tight range and has maintained stability against price declines, distinguishing it from other cryptocurrencies. This stability is considered bullish and indicates the potential for a breakout in the near future.
XRP Price Prediction
Based on recent price action and historical momentum, if XRP surpasses the upper level of the consolidation zone and closes a daily candle above $3.30, there is a strong possibility of a 36% surge to reach the $4.50 level. The bullish price action, coupled with the significant outflow from exchanges, hints at a looming upside rally for XRP in the coming days.
In conclusion, despite the current market confusion and profit-taking, XRP appears to be on the cusp of a significant upside rally. With long-term holders accumulating tokens and technical indicators pointing towards a bullish trend, investors should keep a close eye on XRP for potential opportunities.