Can XRP hold above the $2.15 mark?
XRP Price Trend Analysis
Recently, this market has been quite confusing, and Ripple Labs' XRP has been caught up in the turmoil. Other cryptocurrencies like Bitcoin, Ethereum, and Dogecoin have all seen significant drops in recent days.
But guess what? XRP has managed to hold its ground at $2.15 over the past five days. Behind this, it is said that investors and traders are supporting it with full confidence.
Over 400 million XRP flowed out of exchanges
Looking at the data, in the past six days, $407 million worth of XRP has flowed out of exchanges, but there hasn't been much new capital flowing in. In the crypto circle, an outflow typically means that people are putting their assets into wallets, preparing to hoard. Such a large outflow of funds might indicate that buying pressure is building up, ready to surge.
What does technical analysis say?
Experts have looked at the charts and said that XRP is currently hovering around the $2.15 mark; whether it can hold this level is uncertain.
If the closing price falls below $2.15, it might have to drop to $1.95 to find support, which would be a decline of 15%.
However, if it holds, then XRP could potentially see a significant 25% rise, directly reaching $2.75.
What’s the current price?
As of now, XRP is around $2.20, having dropped 1.05% in the past 24 hours, with trading volume down by 5%. As market uncertainty increases, everyone is being cautious, resulting in a decrease in trading enthusiasm.
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