Over the past few days, XRP, the native token of Ripple Labs, seems to have been consolidating within a tight range. Amid this, whales have been accumulating the token.
Today, January 24, 2025, data from the on-chain analytics firm Coinglass revealed that long-term holders and investors have withdrawn a significant $38.51 million worth of XRP from exchanges in the past 24 hours.
This substantial outflow from exchanges indicates potential accumulation by long-term holders, which could create buying pressure and drive further upward momentum. However, the transaction occurred during a period when XRP’s price struggled to gain traction.
Apart from this, another factor gathering attention is the dumps made by these whales. Spot inflow/outflow metrics revealed that before the token was withdrawn from exchanges, investors and long-term holders had dumped a significant $35.4 million worth of XRP, suggesting that sentiment is now recovering.
Currently, XRP is consolidating in a tight range between the $2.915 and $3.30 levels for more than a week. However, expert technical analysis suggests that despite the consolidation, the token appears bullish, as it recently broke out from a bullish flag-and-pole price action pattern on the daily time frame.
Based on the recent price action and historical momentum, if XRP breaks out of the consolidation and closes a daily candle above the $3.31 level, there is a strong possibility it could soar by 35% to reach the $4.50 level.
Currently, XRP’s Relative Strength Index (RSI) is at 60, which is close to the overbought area. Analysts and experts view this as an indication that the token still has enough room to soar significantly in the coming days.
XRP is currently trading near $3.15 and has experienced a price surge of over 2.10% in the past 24 hours. However, during the same period, its trading volume dropped by 11%, indicating lower participation due to the unclear nature of sentiment.
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