After an impressive 12% rally, XRP, Ripple Labs’ native token, is poised to maintain its upward momentum as it approaches a bullish breakout. Amid this upward trend, trader and investor participation has skyrocketed, as evidenced statistics in the chainincluding open interest, the long/short ratio and inflow/outflow data.
Traders increasing interest
However, data also shows that traders are increasingly betting on long positions due to the bullish market sentiment surrounding XRP. Meanwhile, long-term holders sell their holdings, likely taking profits after significant accumulation during price declines.
Paying out long-term holders?
XRP spot market inflow/outflow data shows that exchanges recorded a significant inflow of $57.55 million in XRP as the price broke out of consolidation and gained upward momentum. Notably, this is the first time in the past two weeks that exchanges have seen an XRP inflow.
In cryptocurrency, inflows refer to the movement of assets from wallets to exchanges, often signaling a potential sell-off or future price decline. However, the recent inflows are significantly smaller than what long-term holders have accumulated over the past two weeks.
XRP Technical Analysis and Upcoming Levels
According to expert technical analysis, XRP is poised for a breakout from the bullish flag and pole price action pattern on the daily time frame. However, the price is currently facing resistance near the $2.34 level.
XRP Price Prediction
Recent price action suggests that if
On the plus side, the Relative Strength Index (RSI) for the asset currently stands at 56.85, below oversold territory, indicating that XRP has plenty of room for significant growth in the coming days.
Current price momentum
At the time of writing, XRP is trading around $2.33 and has seen an upward rally of 11% in the past 24 hours. During the same period, trading volume increased by 30%, reflecting increased trader and investor participation during a potential outbreak.