As of December 11, 2024, XRP, the native token of Ripple Labs, is under the spotlight within the cryptocurrency community, despite experiencing a significant price drop within the last day. This bearish sentiment is widely seen by experts as a necessary price correction in the market.
Whales’ Rising Interest in XRP
Though the market sentiment appears bearish, many believe that this could be an ideal time to buy. The cryptocurrency sector continues to receive backing from key figures like pro-crypto advocate, President Donald Trump, and the newly appointed Chair of the Securities and Exchange Commission (SEC). With this market perspective, the involvement of whales and large institutions has surged dramatically in the last 24 hours, as reported by the on-chain analytics firm Coinglass.
XRP Exchange Outflows Spike to $213 Million
Despite the current decline in XRP’s price, data regarding XRP spot inflows and outflows highlights a remarkable outflow of $213 million worth of XRP from exchanges. This substantial outflow has taken place over the last 48 hours and aligns with the selling pressure that XRP and the wider cryptocurrency market are facing. In the crypto world, “outflow” refers to the movement of assets from exchanges to private wallets. This significant outflow is perceived by investors and industry leaders as a potential opportunity for buying, hinting at a possible upward momentum.
XRP Technical Analysis and Upcoming Levels
With the positive outlook within the market, XRP is currently revisiting its recent breakout at the $2 level and is undergoing a price reversal, which suggests potential upward movement in the days ahead. Analyzing the recent price trends, there is a strong likelihood that XRP could increase by at least 30%, aiming for the $2.90 level in the foreseeable future. XRP’s Relative Strength Index (RSI) is presently at 62, indicating that the asset is not yet overbought and has ample room to appreciate significantly in the forthcoming days.
Current Price Momentum
Currently, XRP is trading around $2.25, having experienced a 2.5% price decrease over the last 24 hours. Despite this dip, the asset has demonstrated a notable recovery within the same timeframe. Additionally, its trading volume has surged by 108%, reflecting increased engagement from traders and investors compared to previous days.
