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Title: $300 Million XRP Outflows, Buy Opportunity?
Ripple’s native cryptocurrency, XRP, has been gaining attention from crypto experts and community members alike. The past few days have seen the altcoin consolidate in a range, with whales and institutions showing significant interest and confidence in the token. A recent report by Coinglass highlights an astonishing $300 million outflow of XRP over the past seven days.
Despite this substantial outflow, the asset has not witnessed any price surge during this period. Instead, it has faced a 7% price decline. However, cryptocurrency enthusiasts and analysts believe that such large-scale withdrawals often signal the start of an accumulation phase.
For new investors or those who have been eyeing XRP as a potential investment opportunity, this could be a compelling buy signal. The cryptocurrency market is notorious for its unpredictable nature, but if history has taught us anything, it’s that significant outflows can be indicative of institutions and whales accumulating the asset in preparation for a massive price rally.
Currently, XRP is trading near $2.41 after registering a 1.45% price gain over the past 24 hours. However, this modest increase in value comes with a warning sign as its trading volume has plummeted by 35%. This suggests that there might be less participation from traders and investors, indicating potential uncertainty around the asset’s future trajectory.
On the technical side of things, XRP has formed a bullish flag-and-pole price action pattern on its daily time frame. Although it has already broken this pattern, the altcoin is facing resistance at the critical $2.51 level. If XRP manages to close a daily candle above this threshold, there’s a high likelihood that it could surge by nearly 80% in the short term, potentially targeting the $4.5 mark.
The cryptocurrency community is abuzz with excitement over the recent accumulation signals and potential buy signal emanating from XRP’s price action. As investors weigh their options for next steps, they should keep an eye on this development as it could yield substantial returns in the coming days.
Source: coinpedia.org
