Will $XRP Go Up After $220M Outflow? Bullish Trends Explained - CoinPedia Analytics

In a volatile crypto market, XRP has managed to hold steady, finding firm footing at the $2.20 support level—a critical zone it has rebounded from four times since early December. Currently trading around $2.30, XRP has gained over 2.7% in the past 24 hours, with trading volume surging by 7%, signaling renewed market activity.

Despite a bearish sentiment caused by $1.18 billion in crypto liquidations, XRP's long-term holders and traders remain optimistic. According to Coinglass, exchanges have recorded an impressive outflow of $220 million worth of XRP as tokens move into long-term holders' wallets. This trend reflects growing confidence in XRP's potential, as outflows are typically associated with accumulation during price dips and hint at an impending rally.

Technical analysis suggests a bullish outlook. If XRP maintains its $2.20 support, a 13% surge to $2.50 is plausible. However, failure to sustain this level could result in a decline to $2 or lower.

Will XRP continue its upward momentum, or is caution warranted? Time will tell.