XRP Receives Massive $1.02 Billion Inflow in 24 Hours: Are Bulls Targeting $1? Is XRP poised for a major rally? Recent on-chain activity suggests a strong bullish trend, with a staggering $1.02 billion inflow into XRP within the last 24 hours. This influx of capital is fueling speculation about a potential price surge towards the $1 mark.
Signs Point to Bullish Momentum: Several indicators support the bullish narrative. XRP recently breaks out of a bearish descending parallel channel, signaling a bullish trend shift with a 6% price gain in 24 hours. Furthermore, XRP breaks out of a bullish flag pattern, with whales buying. Adding to the positive sentiment, the Rising Chaikin Money Flow (CMF) and open XRP sees a $45M exchange outflow, signaling strong accumulation as price surges 7.5%, eyeing a 40% rally.
Exchange Outflows Indicate Accumulation: The shift in exchange activity is particularly noteworthy. Data shows significant $84 million XRP outflows from exchanges. In fact, data from its spot inflow/outflow analysis revealed that exchanges have seen significant outflows of over $84.41 million. This suggests that investors are moving their XRP off exchanges, likely with the intention of holding it long-term, further reducing selling pressure and supporting price appreciation.
Recent XRP Price Action: While the on-chain data paints a bullish picture, the current price action warrants close observation. The price of XRP is having trouble holding onto its bullish momentum in spite of this remarkable on-chain activity. The price chart indicates that XRP is presently trading Hace 3 días Price range: XRP traded between $2.275 and $2.356, representing a 3.56% range over 24 hours. Volume support: Significant volume spike to 71.18M at the $2.275 level. A sustained move above key resistance levels will be crucial for confirming the bullish outlook and paving the way for a rally towards $1.
Conclusion: The combination of massive inflows, positive technical indicators, and significant exchange outflows suggests a strong bullish undercurrent for XRP. While short-term price volatility is always possible, the long-term outlook appears increasingly positive, raising the question: Will bulls successfully target $1?