Ripple's native token XRP has broken the 2 USD mark for the second time since January 2018, achieving a significant milestone. With its outstanding performance, bulls are likely to maintain this upward momentum until reaching the 3 USD threshold.
Will XRP price continue to rise?
With XRP achieving its latest milestones, the participation of whales and investors has surged, raising a common question—will this rebound continue, or is there a chance of a price correction in the coming days?
256 million USD of XRP inflow, is a sell-off imminent?
On-chain analysis company Coinglass recently reported that during the ongoing bull market, whales and institutions have been selling millions of dollars worth of XRP to exchanges. According to Coinglass's XRP spot inflow/outflow data, exchanges have witnessed a massive inflow of 256.3 million USD in the past three days.
Such a large-scale influx of funds indicates that whales and institutions have moved their held assets to exchanges. In the cryptocurrency space, such inflows typically signal potential sell-offs and impending price declines.
Traders are performing strongly on the long side
Coinglass notes that in addition to whale participation, traders also seem more optimistic, strongly betting on long positions. As of the time of writing, the long/short ratio for XRP over the past four hours is 1.98, indicating strong bullish sentiment among traders.
Currently, 66.5% of top traders across exchanges hold long positions, while 33.5% hold short positions. This data suggests that bulls dominate altcoins in the short term, potentially supporting XRP to continue rising to 3 USD.
XRP technical analysis and upcoming levels
Analysis of these on-chain indicators suggests that bulls are currently in control, potentially supporting XRP's price and continued rise. However, the activity of whales and institutions, along with the sell-off of 256.3 million USD worth of XRP, indicates that a price correction may occur in the coming days.
XRP price prediction
According to CoinPedia's technical analysis, XRP has broken through the highly anticipated 2 USD resistance level. After the breakout, it is likely to soar to 3.15 USD in the coming days. However, before continuing to rise to the 3 USD threshold, the price may experience slight corrections or retest the breakout.
Currently, XRP is trading at around 2.17 USD, with a price increase of over 15% in the past 24 hours. During the same period, its trading volume decreased by 14%, indicating a decline in trader and investor participation compared to previous days.