- Oh, the horror! Exchanges have witnessed an outflow of $76 million worth of XRP. What a tragedy!
- Intraday traders, those brave souls, are over-leveraged at $2.44, clutching $120 million worth of long positions like a child with a teddy bear.
Ah, XRP, the native token of Ripple Labs, is attempting a grand recovery after a rather dramatic price drop that would make even the most stoic of investors weep.
Our dear asset began its recovery as it reached a crucial ascending trendline support, which has been valiantly holding since the dawn of February 2025. A true hero in the world of cryptocurrencies!
But wait! Apart from this miraculous price reversal, there’s a delightful shift in market sentiment across all cryptocurrencies. Investors and traders are once again leaping into the market with a positivity that could rival a springtime festival, as revealed by the ever-watchful on-chain analytics firm, Coinglass.
$76 million worth of XRP outflow
Data from the Spot Inflow/Outflow has revealed that exchanges across the cryptocurrency landscape have witnessed a staggering outflow of $76 million worth of XRP tokens in the past 24 hours.
This, dear reader, appears to indicate potential accumulation, which could create buying pressure and drive further upside momentum. Or perhaps it’s just a mirage in the desert of digital currency!
And lo! Just yesterday, when XRP was floundering like a fish out of water, a crypto whale from Gemini decided to move 20 million XRP tokens worth $50.65 million to a wallet. A mysterious benefactor, indeed!
Since that fateful transaction, the price has stabilized, clinging to its crucial inclined support level like a cat to a warm windowsill. However, the wallet address remains shrouded in mystery, much like the plot of a poorly written novel.
$120 million worth of bets on the long side
In addition to the whales and investors, traders are also joining this grand spectacle. Data from Coinglass shows that intraday traders holding long positions are currently dominating the asset, over-leveraged at the $2.44 level, with a staggering $124 million worth of long positions. What a sight to behold!
XRP’s current price momentum and price action
With this bullish market sentiment and the traders’ and investors’ positive attitude, XRP was trading near $2.61 after experiencing a price surge of 1% in the past 24 hours. A true renaissance!
However, during the same period, its trading volume jumped by 11%, indicating heightened participation compared to the previous day. It’s as if everyone suddenly remembered they had a stake in this game!
According to AMBCrypto’s technical analysis, XRP has begun moving upward after successfully retesting its support from the ascending trendline. A classic tale of resilience!
If XRP holds above the $2.50 level, there is a strong possibility it could soar by 22% to reach the $3.20 level in the future. Or it could just as easily plummet, because, you know, cryptocurrencies!
However, the asset’s price is still trading below the 200 Exponential Moving Average (EMA) in the four-hour time frame, indicating that XRP remains in a downtrend. But fear not, dear traders and investors, for this may not impact your dreams of riches just yet!
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2025-02-19 19:43