XRP, Ripple Labs’ native token, is receiving a lot of attention from crypto experts and community members around the world. In recent days, XRP has consolidated in some area, with whales and institutions showing strong interest and confidence in the token, as revealed by the on-chain analytics company Mint glass.
$300 million XRP outflow signal accumulation phase
According to data from XRP’s spot inflow/outflow metrics, exchanges have recorded significant outflows of over $298.89 million over the past seven days. Despite this, the altcoin has not experienced any price increase during this period and has instead suffered a 7% price drop.
In cryptocurrency terminology, outflows refer to long-term holders moving assets from exchanges to their wallets. These outflows often indicate a potential upside rally and provide an ideal buying opportunity.
XRP Current Price Momentum
At the time of writing, XRP is trading around $2.41 and has registered a price gain of over 1.45% in the past 24 hours. However, during the same period, trading volume fell by 35%, indicating lower participation from traders and investors as assets continue to consolidate.
XRP Technical Analysis and Upcoming Levels
According to expert technical analysis, XRP has formed a bullish flag-and-pole price action pattern on its daily time frame. Although the altcoin has already broken this pattern, it is currently facing resistance at the crucial $5 level.
Based on recent price action, if XRP closes a daily candle above the $2.51 level, there is a strong possibility that it could rise by almost 80% to reach the $4.5 level in the coming days. The chart suggests that XRP will likely continue to consolidate until it breaks this zone and reaches a daily close above $2.51.
Furthermore, growing interest in XRP continues to rise, which could push its price higher in the coming days. According to Google Trends, searches for XRP have skyrocketed, which may have contributed to its continued accumulation.