Following the recent Bybit hack, the crypto market has faced a bearish sentiment, impacting XRP token from Ripple Labs.
XRP Technical Analysis
According to technical analysis, the XRP price reached the trendline support of $2.50 level, after which significant buying pressure was observed, resulting in the formation of a bullish candlestick. Despite the recent price drop, the past ascending triangle price action pattern remains intact. If XRP holds above the $2.50 level, further strengthening of the asset's positions is possible; however, if it closes below $2.45, a drop to $1.90 is possible. It is crucial that the asset remains below the 200 Exponential Moving Average, indicating a continuing downtrend.
Current Price Momentum
Currently, XRP is trading near $2.58, having dropped 3.75% in the past 24 hours. Nonetheless, the interest from investors and traders in the token has shown a significant increase, leading to a 44% rise in trading volume.
$21.50 Million XRP Outflow
On-chain analytics firm Coinglass revealed that this rise in participation is driven by significant investor accumulation of XRP tokens. As prices dropped, a substantial outflow of $21.50 million worth of XRP from exchanges was observed, indicating potential for purchase.
XRP continues to hold crucial levels despite the bearish sentiment in the crypto market, indicating potential growth at current levels if prices remain above key marks.
