XRP Exchange Outflows Surge 300%. Is It Enough to Save the Chart?
BeInCrypto
XRP faces a bearish head and shoulders pattern, but surging exchange outflows and reduced leverage are creating significant buying pressure.Summary
XRP is currently struggling with a bearish head and shoulders chart pattern that could potentially lead to an 18% price decline. However, on-chain data shows a 300% surge in exchange outflows since mid-May, indicating significant accumulation by investors that could mitigate downside risks. Furthermore, a reduction in open interest and long leverage suggests a decrease in the likelihood of massive long liquidations, pointing toward a tense period of range-bound trading as the market reacts to these conflicting technical and on-chain signals.
(Source：BeInCrypto)