XRP, the native token of Ripple Labs, has garnered significant attention from crypto giants despite a notable price decline over the past 24 hours. As of today, December 11, 2024, sentiment across the cryptocurrency landscape appears bearish, which experts consider a price correction.
Whales’ Rising Interest In XRP
However, some believe this might be a perfect buying opportunity, as the crypto industry continues to gain support from prominent figures like pro-crypto President Donald Trump and the recently elected Chair of the Securities and Exchange Commission (SEC).
Given this market outlook, participation from whales and institutions has skyrocketed in the past 24 hours, according to the on-chain analytics firm Coinglass.
XRP Exchange Outflows Spike to $213 Million
Amid the ongoing price decline, data on XRP spot inflow and outflow reveals that exchanges have witnessed a significant outflow of $213 million worth of XRP. This notable outflow has occurred over the past 48 hours, coinciding with the selling pressure faced by XRP and the broader cryptocurrency market.
Source: Coinglass
In the cryptocurrency context, “outflow” refers to the transfer of assets from exchanges to wallet addresses. Investors and industry giants, however, view this significant outflow as a potential buying opportunity, suggesting the possibility of upside momentum.
XRP Technical Analysis and Upcoming Levels
Alongside this positive market sentiment, XRP appears to be retesting its recent breakout at the $2 level and experiencing a price reversal, indicating potential upside momentum in the coming days. Based on recent price action, there is a strong possibility that the altcoin could surge by at least 30%, reaching the $2.90 level in the near future.
Source: Trading View
On a positive note, XRP’s Relative Strength Index (RSI) currently stands at 62, indicating that the asset is not in overbought territory. This suggests that XRP has sufficient room to rise significantly in the coming days.
Current Price Momentum
At press time, XRP is trading near $2.25 and has experienced a price decline of 2.5% in the past 24 hours. Despite this, the asset has shown significant recovery within the same period. Additionally, its trading volume surged by 108%, indicating increased participation from traders and investors compared to previous days.
