XRP, the token of Ripple Labs, has been struggling to gain momentum in recent days. Data suggests that this struggle may continue in the coming days due to the activity of investors and long-term holders. On-chain analytics firm Coinglass has reported a significant inflow of $62 million worth of XRP tokens onto exchanges in the past 48 hours. This influx of tokens indicates a potential dump, leading to a price decline and increased selling pressure. Additionally, the long/short ratio, which measures trader sentiment, currently signals a bearish outlook. Despite these factors, XRP has been consolidating in price for the past six days.
Expert technical analysis indicates that XRP’s price is currently neutral, with a consolidation range between $2.90 and $3.30. If XRP breaks out of this range and closes a daily candle above the $3.32 level, there is a strong possibility of a 32% price increase to reach $4.50 in the near future. Conversely, if XRP breaks down from the consolidation and closes a daily candle below the $2.85 level, it is likely to decline by 10% to reach $2.58. The Relative Strength Index (RSI), currently at 65, suggests that XRP is approaching overbought levels but still has room for further upward momentum.
Despite the bearish outlook, XRP is currently trading near $3.25 and has experienced a 1.60% price surge in the past 24 hours. However, trading volume has dropped by 35%, indicating lower participation from traders and investors compared to the previous day.
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