In ongoing market uncertainty, XRP, Ripple Labs' native token, is consolidating within a tight range of $2.31 to $2.53. This level is crucial for investors and traders.
$12 Million XRP Outflow
According to Coinglass, exchanges have seen a $12 million outflow in XRP over the past 24 hours. This outflow suggests potential accumulation, creating buying pressure that could drive prices higher. Historically, this level has been a significant reversal point.
Traders' Mixed Sentiments
Traders have taken both long and short positions, leading to confusion. Coinglass data shows that traders with long positions are over-leveraged at $2.31 with $33.35 million, while those with short positions are over-leveraged at $2.45 with $30.30 million.
XRP Price Action and Current Momentum
Technical analysis shows that XRP is consolidating near a critical support level. If the asset breaks above $2.53, it could jump 30% to $3.30. Despite uncertainty, XRP is trading above the 200 EMA on the daily timeframe, indicating an uptrend. Currently, XRP is trading around $2.40, down 2.50% in the past 24 hours. Trading volume has increased by 25%, indicating heightened trader interest.
The XRP market remains uncertain, but positive indicators suggest potential upward movement. However, trader sentiment remains split, creating a challenging decision-making environment.
