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2024/12/07 03:10

$386 Million XRP Outflow From Exchanges In addit

$386 Million XRP Outflow From Exchanges

In addition to the bullish technical analysis, whales and institutions have shown strong interest in the altcoin, as reported by on-chain analytics firm Coinglass’s XRP spot inflow/outflow metrics. Data reveals that exchanges have witnessed a significant outflow of $386.04 million over the past four trading days.

In the cryptocurrency context, “outflow” refers to the transfer of assets from exchanges to wallet addresses. These metrics suggest that whales and institutions are accumulating tokens for the long term. Furthermore, outflows indicate potential buying opportunities, reduce the likelihood of selling pressure, and signal possible upward momentum.

With bullish on-chain metrics and positive technical analysis, it appears that the bulls are currently dominating the asset and could support XRP in its upcoming rally.

Current Price Momentum 

At press time, XRP is trading near $2.35 and has experienced a price drop of 0.35% in the past 24 hours. During the same period, its trading volume declined by 46%, indicating reduced participation from traders and investors compared to previous days.

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