XRP is now bouncing back with signs of a bullish breakout. The Ripple Labs’ native token has been on a downtrend over the last few days now, but it is finally picking up pace and on track for a massive uptrend move.
Investors and traders are becoming more optimistic about the future of XRP, and this is bringing some interest that is driving the bullish sentiment in the market.
According to data from CoinGlass, a major on-chain analytics firm, there has been a huge outflow of $45 million worth of XRP from exchanges over the last 24 hours.
This massive outflow means that traders are accumulating XRP, even as its price dips, indicating that they are betting on a future price surge.
Such accumulation often leads to a lot of buying pressure, which could push the price of XRP even higher in the days to come, as it has done today.
Right now, the price has gained over 9% in the last 24 hours. Although the trading volume is still yet to pick up, the market cap has also surged by 9%.
Meanwhile, some crypto whales are taking notice. During this price dip, they have been loading up on XRP, purchasing about 120 million tokens.
Looking at the chart, this recent rally is an extension of a larger breakout, with XRP breaking out of a bullish flag and pole formation on the four-hour chart. Even the RSI (Relative Strength Index) is above the 50 average line and currently at 60, which means that the bulls are in control and the token hasn’t been oversold yet.
This price movement is a sign that XRP is getting ready to go even higher. If this pace continues, it may break through its trendline resistance and can increase by 40% to $4.45.
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