XRP Surge: $76M Outflow Sparks $3.20 Price Prediction
1min read XRP, the native token of Ripple Labs, has witnessed a significant outflow of $76 million in the past 24 hours, sparking speculation about a potential price surge to the $3.20 level. This development comes as the asset's price recovers from a recent decline, with traders and investors displaying a positive market sentiment.
The outflow of XRP tokens from exchanges suggests potential accumulation, which could create buying pressure and drive further upside momentum. Additionally, a crypto whale from Gemini moved 20 million XRP tokens worth $50.65 million to an unknown wallet address, further indicating increased interest in the asset.
Intraday traders holding long positions are currently dominating XRP, with over-leveraged positions at the $2.44 level and $120 million worth of long positions. This bullish market sentiment, coupled with traders' and investors' positive attitude, has led to a price surge of 1% in the past 24 hours, with the asset trading near $2.61.
Technical analysis suggests that XRP has begun moving upward after successfully retesting its support from the ascending trendline. If the asset holds above the $2.50 level, there is a strong possibility it could soar by 22% to reach the $3.20 level in the future. However, the asset's price is still trading below the 200 Exponential Moving Average (EMA) in the four-hour time frame, indicating that XRP remains in a downtrend.
