XRP, the native token of Ripple Labs, has been holding steady at the $2.15 mark despite the recent decline in the overall cryptocurrency market. While other major cryptocurrencies like Bitcoin, Ethereum, and Dogecoin have experienced price drops, XRP has managed to maintain its support level. This could be due to the continuous support and confidence from investors and traders, according to on-chain analytics firm Coinglass.
In the past six days, exchanges have seen a significant outflow of $407 million worth of XRP. This indicates accumulation and potential upside momentum. If this trend continues, it could create buying pressure and present a good buying opportunity.
Technical analysis suggests that XRP is currently at a crucial support level of $2.15, but it is losing its grip on that support. If it closes below this level, there is a strong possibility of a 15% decline to the next support level at $1.95. On the other hand, if XRP manages to hold this level, it could potentially increase by 25% and reach $2.75 in the future.
Currently, XRP is trading near $2.20 and has experienced a price decline of over 1.05% in the past 24 hours. Its trading volume has also dropped by 5%, indicating lower participation from traders and investors during this period of market uncertainty.
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