The current cryptocurrency market situation is concerning due to intense profit-taking. Amidst this, XRP seems promising as long-term holders are actively accumulating tokens.
Record XRP Outflow from Exchanges
According to CoinGlass analytics, exchanges have seen an outflow of $250.67 million in XRP, the highest in the last year. In the crypto world, outflows typically indicate the movement of assets from exchanges to long-term investors' wallets, suggesting accumulation. This can create buying pressure and further upward momentum.
Current Price Trends
With recent profit-taking, the overall crypto market struggles to gain momentum, mirroring XRP's situation. Currently, XRP is trading around $3.15, with a modest 0.50% price decline over the past 24 hours. Nevertheless, investor and trader interest has boosted trading volume by 110% within the same period.
XRP Technical Analysis
Expert technical analysis suggests XRP is consolidating within a narrow range and maintaining its critical level, demonstrating stability against declining prices seen in other cryptocurrencies. The asset's Relative Strength Index (RSI) on the daily chart remains below the overbought zone, indicating potential for further growth and breaking out of consolidation.
Based on recent price action and historical data, if XRP breaks the upper consolidation zone and closes a daily candle above $3.30, it is likely to soar by 36% to reach $4.50 in the future.
