Is It Time to Buy XRP? $60.7M in XRP Outflows from Exchanges Amid Collapse
The post 'Is It Time to Buy XRP? $60.7M in XRP Outflows from Exchanges Amid Collapse' appeared first on Coinpedia Fintech News
XRP, Ripple Labs' native token, is about to experience a huge price drop as it fails to maintain a crucial level of support. Despite this bearish outlook, long-term holders appear to be accumulating the tokens and appear to be taking advantage of the recent price drop, as reported by on-chain analytics firm Coinglass.
XRP Fails to Maintain Bullish Outlook
Prior to this collapse, the overall market sentiment seemed bullish, with XRP looking poised for a mega rally. However, the recent price drop has changed the overall market sentiment, including XRP.
On January 2, 2024, XRP broke out of a bullish flag and pole price action pattern and then entered a consolidation zone, which the altcoin held for four days of trading. However, the recent price collapse has broken XRP's consolidation zone and suggests a major price drop in the near future.
$60.7M in XRP Outflows from Exchanges
Amid this price drop, whales and long-term holders appear to be accumulating the asset, as reported by on-chain analytics firm Coinglass. Spot inflow/outflow data reveals that exchanges witnessed a significant outflow of $60.7 million worth of XRP in the past 24 hours.
Fonte: Coinglass
In cryptocurrency, outflows refer to the movement of assets from exchanges to wallets, which is often seen as a sign of accumulation. Additionally, outflows can indicate a potential buying opportunity and the possibility of a rally.
Current Price Momentum#BinanceAlphaAlert
XRP is currently trading near $2.30 and has seen a 4.9% price drop in the last 24 hours. During the same period, its trading volume has increased by 85%, indicating a higher participation of traders and investors compared to the previous day.$XRP
