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Despite the bearish market sentiment, XRP, the native token of Ripple Labs, has gained widespread attention from crypto enthusiasts as it defies the market trend. On January 9, 2024, while the majority of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and others, are experiencing a price decline, XRP’s price has risen by 2%.
XRP Technical Analysis
The recent price action appears favorable for the altcoin. However, XRP’s four-hour chart indicates that it may not face further price declines in the future due to the presence of the 200 Exponential Moving Average (EMA). This suggests that XRP is unlikely to fall below the $2.19 level because of the support provided by the 200 EMA.
In November 2024, XRP crossed above the 200 EMA for the first time. Since then, the price of the altcoin has touched this level three times, and each time it has witnessed impressive upside momentum. During the recent price crash across the crypto landscape, XRP once again touched the 200 EMA and is now trading above the indicator.
Examining the current situation and historical price action reveals a strong possibility that XRP could soar significantly if it sustains itself above the 200 EMA.
Whereas, on the daily time frame, XRP appears to be retesting the breakout level of the bullish flag and pole price action pattern. It could soar significantly if it holds above the $2.20 level.
Crucial Levels to Watch
The $2.20 level is a strong support area where the price asset is supported by the 200 EMA and a horizontal level.
The $2.50 level is a strong resistance zone. If the price breaches this level, a massive upside momentum could follow.
$73 Million Worth XRP Outflow from Exchanges
Amid this market uncertainty, whales appear to be accumulating the tokens, as reported by the on-chain analytics firm Coinglass. Data from spot inflow/outflow reveals that exchanges have witnessed an outflow of a significant $73.14 million XRP tokens, indicating a bullish signal.
In the cryptocurrency landscape, outflow refers to the flow of assets from exchanges to long-term holders’ wallets, that has the potential to create buying pressure and upside momentum.
Current Price Momentum
At press time, XRP is trading near $2.32 and has witnessed a price surge of over 1.5% in the past 24 hours. However, during the same period, traders’ and investors’ participation skyrockets as trading volume jumped by 20%.