XRP Eyes 30% Gains as Exchange Outflows Hit 35M Tokens in a Day
XRP may see a 30% rise as 35 million tokens were withdrawn from exchanges, indicating increased investor confidence and accumulation.Summary
XRP has experienced a significant rally of over 30% in the past three months, with current technical and on-chain indicators suggesting further potential upside. Key factors contributing to this bullish outlook include substantial exchange outflows, positive whale flows, and strong demand from XRP ETFs. In a single day, approximately 35 million XRP were withdrawn from exchanges, marking the sixth-largest daily outflow of the year. Historically, such outflows have preceded price rallies, as seen in March (20% rebound) and February (48-50% rise). Additionally, US-based spot XRP ETFs have seen three consecutive weeks of net inflows totaling $82.88 million, boosting assets under management to $1.1 billion and signaling increased institutional interest. Whale activity has also turned positive, with larger wallets accumulating XRP, a trend that has historically preceded strong price movements. Technically, XRP is forming a falling wedge pattern, and a recent rebound from its lower trend line suggests a potential move towards the upper boundary, targeting a 30% increase to around $1.87-$1.89 by June. However, a break below the wedge's support could invalidate this bullish scenario.
(Source：Cointelegraph)