Despite a recent drop in cryptocurrency prices, XRP from Ripple shows significant interest from long-term holders. Analytics data point to large outflows of tokens from exchanges.
$55 Million Outflow of XRP
Data from Coinglass revealed that exchanges have witnessed an outflow of $55 million worth XRP tokens over the past 48 hours. This significant outflow indicates a sign of accumulation and raises questions about the current pricing for buying.
Current Price Momentum
As of the time of writing, XRP is trading around $2.05, having recorded a decline of over 5% in the past 24 hours. However, trading volume surged by 95%, indicating increased market activity and explaining the asset’s outflow from exchanges.
Price Forecasts and Levels
According to technical analysis, XRP has reached a key level following significant price declines, creating a critical situation. The daily chart reveals a bearish head and shoulders pattern and the asset is currently near the neckline. This level is crucial due to historical price momentum, which suggests that XRP tends to show a price reversal at these levels. If market sentiment remains unchanged, it is likely that XRP could drop to $1.20.
XRP continues to attract investor interest even amid a volatile market. Observed outflows from exchanges and changing price dynamics indicate potential shifts in Ripple's market assets.
