Can the message contain XRP at Make-or-Break level $2.15? appeared first on Coinpedia Fintech News
XRP, Ripple Labs’ native token, is making waves amid ongoing market uncertainty. In recent days, the overall cryptocurrency market has been experiencing downward momentum.
XRP Current Outlook
Despite this, XRP has held its crucial support level at $2.15 for the past five trading days. Meanwhile, major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) have experienced a notable price drop over the same period.
The possible reason behind XRP’s ability to maintain its support level is the continued support and confidence of investors and traders, as reported by an on-chain analytics firm. Mint glass.
XRP outflow worth $407 million
XRP spot inflow/outflow data revealed that exchanges across the cryptocurrency landscape witnessed an outflow of a significant $407 million worth of XRP over the past six days. During this period, the exchanges did not experience any inflows or token deposits from wallet addresses, indicating a bullish sign.
In the cryptocurrency landscape, “outflows” refer to the movement of assets from exchanges to wallets, which also represents accumulation. However, these significant outflows indicate potential upside momentum and an ideal buying opportunity. There is a good chance that buying pressure will arise if this trend continues.
Technical analysis and upcoming levels
According to expert technical analysis, XRP is at a crucial support level at $2.15 and seems to be losing its grip on that support.
Based on recent price action and historical momentum, if the altcoin closes a daily candle below the $2.15 level, there is a strong possibility that it could fall by 15% to reach the next support level at $1.95.
Conversely, if XRP maintains this level, there is a good chance that it could rise by 25% to reach the $2.75 mark in the future.
Current price momentum
Currently, XRP is trading around $2.20 and has experienced a price drop of over 1.05% in the last 24 hours. During the same period, trading volume fell by 5%, indicating lower participation from traders and investors amid market uncertainty.
