XRP, the native token of Ripple Labs, is gaining significant attention from crypto experts and community members worldwide. Over the past few days, XRP has been consolidating in a range, with whales and institutions showing strong interest and confidence in the token, as revealed by the on-chain analytics firm Coinglass.
$300M XRP Outflows Signal Accumulation Phase
According to data from XRP’s spot inflow/outflow metrics, exchanges have recorded a significant outflow of over $298.89 million in the past seven days. Despite this, the altcoin has not experienced any price surge during this period and has instead faced a 7% price decline.
In cryptocurrency terminology, outflow refers to long-term holders withdrawing assets from exchanges to their wallets. This outflow often indicates a potential upside rally and presents an ideal buying opportunity.
XRP Current Price Momentum
At press time, XRP is trading near $2.41 and has registered a price gain of over 1.45% in the past 24 hours. However, during the same period, its trading volume dropped by 35%, indicating lower participation from traders and investors as the asset continues 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. While the altcoin has already breached 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 it could soar by nearly 80% to reach the $4.5 level in the coming days. The chart suggests that XRP will likely continue to consolidate until it breaches this zone and achieves a daily close above $2.51.
Additionally, the growing interest in XRP continues to rise, which could drive its price higher in the coming days. According to Google Trends, searches for XRP have skyrocketed, potentially contributing to the ongoing accumulation.