Amid ongoing market uncertainty, Ripple Labs' native token XRP is making waves. The entire cryptocurrency market has faced downward momentum over the past few days.
Current Outlook for XRP
Nevertheless, XRP has maintained its key support level of $2.15 over the past five trading days. Meanwhile, major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) have experienced significant price declines during the same period.
According to on-chain analytics company Coinglass, a potential reason XRP is able to maintain its support level is the continued support and confidence from investors and traders.
Outflow of $407 million worth of XRP
XRP spot inflow/outflow data shows that exchanges in the cryptocurrency space have witnessed a massive outflow of $407 million worth of XRP over the past six days. During this period, exchanges did not receive any inflows or token deposits from wallet addresses, indicating bullish signs.
In the cryptocurrency space, 'outflow' refers to assets being moved from exchanges to wallets, which also represents accumulation. However, this large-scale outflow indicates potential upward momentum and an ideal buying opportunity. If this trend continues, it is likely to create buying pressure.
Technical Analysis and Upcoming Levels
According to expert technical analysis, XRP is at a critical support level of $2.15 and appears to be losing control of that support.
According to recent price trends and historical momentum, if the daily closing price of altcoins falls below $2.15, it is likely to drop 15% to the next support level of $1.95.
Conversely, if XRP holds this level, it is very likely to surge 25% in the future, reaching the key level of $2.75.
Current Price Momentum
Currently, XRP is trading close to $2.20, with a price drop of over 1.05% in the past 24 hours. During the same period, its trading volume decreased by 5%, indicating lower participation from traders and investors amid market uncertainty.
