Ripple (XRP) Analysis: Exchange Outflows Suggest Bullish Momentum
XRP Exchange Outflows and Market Sentiment
On Sunday, 30 million XRP tokens valued at $17.40 million were withdrawn from the leading Korean exchange, Upbit. Outflows from cryptocurrency exchanges are often interpreted as a bullish indicator; hence, this has sparked a wave of optimism among Ripple’s XRP holders. XRP’s technical setup indicates its price could rise by 12% if selling activity remains low.
XRP Sees Surge in Buying Pressure
XRP’s recent whale outflow from the Upbit exchange signals growing confidence in the token’s price among traders in the region. This sentiment was highlighted by a sharp rise in XRP trading volume, which exceeded $106.6 million on Sunday, almost double Bitcoin’s volume on the platform.
- Broader market sentiment around XRP is improving, as evidenced by its positive funding rate across exchanges. Currently, XRP’s funding rate is at 0.006%, indicating continued optimism among traders.
- A positive funding rate reflects higher demand for long positions, with traders willing to pay a premium.
- Supporting this outlook is XRP’s Chaikin Money Flow (CMF), standing at 0.20, indicating high token accumulation.
12% Price Prediction for XRP
If buying pressure continues, XRP’s price could rise by 12%, reaching $0.65. However, projections may be invalidated if traders begin taking profits, potentially dropping XRP to support levels.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.