XRP, Ripple Labs’ native token, is garnering massive attention from crypto enthusiasts and is poised for a significant upside rally following the formation of bullish price action. In addition to this bullish outlook, today, February 8, 2025, a prominent crypto expert posted on X (formerly Twitter) that XRP appears poised for a rebound.
Buy Signal XRP Token
The post on X also noted that a technical indicator called TD Sequential is flashing a buy signal for the token. However, this notable prediction comes after a continuous 25% price drop that XRP has experienced over the past few days.
$18 Million XRP Outflow
Besides all this, traders and investors have shown strong interest in the token, as reported by the on-chain analytics firm Coinglass. Data from spot inflow/outflow revealed that exchanges have witnessed an outflow of a significant $18 million worth of XRP tokens, indicating potential accumulation by whales and long-term holders.
Such an outflow from exchanges hints at potential buying opportunities and suggests that investors and long-term holders are taking advantage of the current market sentiment, continuing to accumulate XRP.
$32.10 Million Worth of Bet on Short Side
Besides investors’ long-term perspective, intraday traders are betting on the bearish side, believing that XRP’s price won’t experience upside momentum. According to Coinglass data, traders are over-leveraged at $2.346 on the lower side, holding $20.80 million worth of long positions. Conversely, traders holding short positions are over-leveraged at $2.442, with $32.10 million in short positions.
These over-leveraged positions on both the short and long sides hint at key support and resistance levels and could be liquidated if the price moves in either direction.
Current Price Momentum
XRP is currently trading near $2.42 and has experienced a modest price surge of over 0.15% in the past 24 hours. During the same period, its trading volume dropped by 3.5%, indicating lower participation from traders and investors compared to the previous day.