XRP, Ripple Labs' token, is in a consolidation phase, but whales continue to accumulate the asset.
$38.51 Million XRP Outflow from Exchanges
Today, January 24, 2025, the on-chain analytics firm Coinglass revealed that long-term holders and investors have withdrawn a significant $38.51 million worth of XRP from exchanges in the past 24 hours. This substantial outflow could indicate potential accumulation by long-term holders, which might create buying pressure and drive the price upward. However, the transaction occurred while XRP's price was struggling to gain traction.
XRP Technical Analysis and Upcoming Levels
Currently, XRP is consolidating within a tight range between the $2.915 and $3.30 levels for over a week. However, expert technical analysis suggests that the token remains bullish, as it recently broke out from a bullish flag-and-pole pattern on the daily time frame. Based on recent price action and historical momentum, if XRP breaks out of consolidation and closes a daily candle above the $3.31 level, there is a strong possibility it could soar by 35% to reach the $4.50 level.
RSI Flashing Bullish Sign
Currently, XRP’s Relative Strength Index (RSI) is at 60, close to the overbought area. Analysts view this as an indication that the token still has enough room to soar significantly in the coming days. XRP is currently trading near $3.15 and has experienced a price surge of over 2.10% in the past 24 hours. However, during the same period, its trading volume dropped by 11%, indicating lower participation due to unclear sentiment.
Despite the consolidation, whales continue to accumulate XRP, potentially leading to further price increases in the near future.
