XRP Credit Reaches $76 Million – Will this Alternative Currency Push to $3.20?
Ripple Labs’ native token, XRP, appears to be making a comeback following a significant decline in its price over the past few days.
The resurgence commenced as the asset’s price touched a critical support level on an upward trendline that has been intact since the start of February 2025.
Aside from the area of price reversal, another factor contributing to the recovery in price is the change in market sentiment towards all digital currencies.
This shift has prompted investors and traders to once again enter the market with optimism, as indicated by data from the blockchain analytics company Coinglass.
Outflow of $76 million in XRP
Data from Spot Inflow/Outflow shows that various cryptocurrency exchanges have witnessed a notable outflow of $76 million worth of XRP tokens in the past 24 hours.
This outflow potentially signals accumulation, which could lead to increased buying interest and drive further price gains.
Furthermore, a large XRP holder from Gemini recently moved 20 million XRP tokens valued at $50.65 million to an undisclosed wallet when XRP was facing challenges.
The price has since stabilized, maintaining a crucial support level. However, the destination of the transferred tokens remains unknown.
$120 million invested in long positions
In addition to significant participation and interest from whales and investors, traders are also actively engaging in the XRP market.
Data from Coinglass indicates that intraday traders with long positions have accumulated $124 million worth of XRP at the $2.44 mark, reflecting a bullish sentiment in the short term.
XRP’s Current Price Performance and Market Dynamics
Benefiting from the positive market sentiment and strong investor interest, XRP is currently trading around $2.61, showing a 1% increase in the past 24 hours.
Simultaneously, trading volume has surged by 11%, suggesting heightened market activity compared to the previous day.
Based on technical analysis by CryptoCrypto, XRP has started moving upwards after successfully testing the support from its ascending trendline.
If XRP maintains levels above $2.50, there is a significant chance of a 22% surge, potentially pushing the price to $3.20 in the future.
However, XRP is still trading below the 200 Exponential Moving Average (EMA) in the four-hour timeframe, indicating the ongoing downtrend, which may not be a major concern for traders and investors at present.