XRP, the primary digital currency of Ripple Labs, appears to be bouncing back following a significant price decline in recent times.
The rebound commenced as the token’s value hit a crucial upward trendline support, a trend that has remained intact since the start of February 2025.
Aside from the area where the price started to reverse, another factor contributing to the price recovery is the shift in overall market sentiment within the crypto sphere.
This shift has prompted investors and traders to re-enter the market with optimism, as indicated by insights from the on-chain analysis company Coinglass.
XRP Outflow Reaches $76 Million
Data from Spot Inflow/Outflow signifies that cryptocurrency exchanges have observed a substantial $76 million in XRP tokens exiting their platforms in the past 24 hours.
This development potentially hints at accumulation activities, fostering buying pressure and driving further upward momentum.
Moreover, a significant action took place yesterday when a large player from Gemini transferred 20 million XRP tokens valued at $50.65 million to an undisclosed wallet.
Subsequently, the price stabilized, maintaining its crucial support level. Nevertheless, the identity of the wallet remains undisclosed.
$120 Million in Long Bets
In addition to the involvement and interest from whales and investors, traders are also following suit.
Recent data from Coinglass reveals that intraday traders are currently dominantly holding long positions on the asset, with an over-leveraged position at the $2.44 mark, accumulating $124 million in long positions at this level.
XRP’s Present Price Action and Momentum
Buoyed by the positive market sentiment and the upbeat outlook of traders and investors, XRP was priced close to $2.61 after witnessing a 1% surge in the last 24 hours.
Simultaneously, the trading volume saw an 11% increase during this period, signaling heightened engagement compared to the previous day.
According to CryptoCrypto’s technical analysis, XRP has begun an upward trajectory following a successful retest of its ascending trendline support.
Based on recent price movements, maintaining a position above $2.50 could potentially propel XRP by 22% to hit $3.20 in the foreseeable future.
However, the asset is currently trading below the 200 Exponential Moving Average (EMA) in the four-hour timeframe, indicating a downtrend that may not significantly affect traders and investors.