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Amid ongoing market uncertainty, XRP, the native token of Ripple Labs, appears bearish and is poised for a price decline. Today, December 31, 2024, alongside XRP, the majority of assets, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), seem to be bleeding and raising concerns about when the price decline will pause.
XRP Technical Analysis and Key Levels
According to expert technical analysis, XRP has recently broken out of a descending triangle price action pattern and has shifted market sentiment. Meanwhile, the daily chart shows that XRP has successfully retested the breakdown level, potentially confirming that its price decline could continue until support is found.
Based on recent price action, if the overall cryptocurrency market sentiment remains unchanged, XRP could drop another 10% to 12%, reaching the support level at the $1.83 mark.
Hundred Million Worth XRP Outflow
Despite this bearish outlook, traders’ and investors’ interest in the asset remains optimistic, as reported by the on-chain analytics firm Coinglass. Data from XRP’s spot inflow/outflow reveals that exchanges have witnessed an outflow of hundreds of millions of dollars worth of XRP tokens over the past few days.
The outflow is an on-chain metric that reveals how much of the asset is being transferred from exchanges to unknown wallets, potentially indicating buying pressure and an ideal buying opportunity.
Combining this on-chain metric with technical analysis, it appears that XRP is bearish in the short term. However, investors seem to be accumulating, indicating that they view this price decline as an opportunity to buy the dip.
Current Price Momentum
At press time, XRP is trading near $2.03, having experienced a price decline of over 4.5% in the last 24 hours. During the same period, its trading volume surged by 90%, indicating heightened participation from traders and investors amid the price decline.