XRP, the digital asset native to the Ripple network, is showing promising signs of continuing its upward trajectory. Recent analyses indicate a bullish trend emerging on its hourly chart, following a period of price consolidation over the last three days. This momentum suggests potential growth for XRP, captivating both traders and investors alike.
XRP Technical Analysis and Upcoming Levels
Expert technical analysis reveals that XRP has successfully broken out of a descending triangle pattern within the hourly timeframe, setting the stage for a potential price rally. This breakout is catalyzed by a recent price correction, which seems to have set a strong foundation for an upward surge.
According to current price action, if XRP manages to sustain its momentum and achieve a daily close above the $2.48 mark, it could potentially climb by 17%, targeting the $2.90 level or even higher, provided the current trend persists. Presently, the altcoin is trading above the 200 Exponential Moving Average (EMA) on both hourly and daily charts, a clear indicator of an ongoing uptrend.
Moreover, XRP’s Relative Strength Index (RSI) is approaching the oversold territory, suggesting a potential shift towards upward momentum in the coming days. This technical setup highlights the growing bullish sentiment surrounding XRP.
$386 Million XRP Outflow From Exchanges
Complementing the bullish technical outlook, recent data from on-chain analytics firm Coinglass underscores significant interest from whales and institutions. The XRP spot inflow/outflow metrics reveal a substantial outflow of $386.04 million from exchanges over the past four trading days.
In the realm of cryptocurrencies, “outflow” refers to the movement of assets from exchanges to external wallet addresses. This trend suggests that whales and institutional investors are amassing XRP for long-term holdings. Outflows typically indicate reduced selling pressure and signify potential buying opportunities, further supporting the likelihood of an upward price trajectory.
With these positive on-chain metrics and favorable technical indicators, it appears that the bulls are in control, positioning XRP well for its anticipated rally.
Current Price Momentum
As of now, XRP is trading near the $2.35 level, experiencing a slight price dip of 0.35% in the last 24 hours. During the same timeframe, trading volume has decreased by 46%, reflecting a temporary lull in trader and investor engagement compared to previous days.
Despite this minor setback, the overall outlook remains optimistic, with technical and on-chain indicators suggesting a bright future for XRP in the near term. Investors and traders continue to keep a close watch on this dynamic asset, anticipating its next move in the ever-evolving cryptocurrency market.
