XRP's $75M Outflow Sparks 30% Rally Hopes

XRP, the native cryptocurrency of the Ripple network, has been consolidating at a crucial level for over a week, sparking significant interest from crypto enthusiasts. This pivotal moment could determine the asset's trajectory in the coming days, with a potential 30% rally to $3.22 if certain conditions are met.

On-chain data from Coinglass reveals a substantial outflow of $75.55 million worth of XRP tokens from exchanges since the beginning of the price consolidation. This significant outflow suggests potential accumulation, which could create buying pressure and further upside momentum. However, some market participants view this data as an ideal buying opportunity.

Intraday traders are also betting on an upside rally, with traders holding long positions dominating the market. Over-leveraged positions at $2.399 total $24.55 million, while short positions at $2.50 amount to $15.77 million. This bullish sentiment is further supported by XRP's ascending trendline, which has historically signaled significant price reversals.

Technical analysis by AMBCrypto indicates that XRP is currently consolidating within a narrow range between $2.28 and $2.51. If the asset breaks out of this consolidation and closes above $2.52, it could soar by 30% to reach $3.22. Conversely, a breakdown below $2.25 could result in a 15% drop to $1.90. XRP has remained above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating an overall uptrend.

At press time, XRP was trading near $2.45, with a price surge of over 1.10% in the past 24 hours. During the same period, trading volume skyrocketed by 25% due to increased bullish outlooks and investor participation.