Ripple (XRP) Traders Have Strong Confidence in Uptrend Despite $40 Million in Spot Investments

Over the past 24 hours, the XRP price has been hovering around $2.40. This indicates that the buying and selling pressures are almost equal. However, XRP traders seem to believe that the token has the potential to rise further. This sentiment is emerging amid a wave of hundreds of millions of dollars in spot outflows. Can altcoins emerge victorious? XRP Bulls Unwavering Despite Negative Signals According to Coinglass, the XRP long/short ratio has exceeded 1. This ratio measures traders' expectations. A ratio above 1 means that there are more traders in long positions than short positions. Conversely, a ratio below 1 indicates the dominance of shorts, who are anticipating a price decline. Therefore, the current ratio is tilted towards the buy-side, and many traders expect XRP's price to continue its 10% uptrend over the past 7 days. Interestingly, this development is occurring amid a wave of spot outflows. As of the time of writing, Coinglass data shows $40 million in outflows from the XRP spot market over the past two days. Generally, an increase in spot inflows reflects direct investment in the asset at the current market price, indicating strong buying sentiment. This trend can often put upward pressure on the prices of altcoins. However, increased outflows indicate low demand for cryptocurrencies. If sustained, this could exert downward pressure on the XRP price. But as mentioned above, XRP traders do not expect the altcoin to undergo a significant correction. XRP Price Prediction: Bullish Chart Pattern Likely to Persist On the daily chart, XRP's price is maintaining a bullish flag formation. The bullish flag pattern, which resembles a flag shape, is an important technical pattern in analysis. It appears after a sharp price increase and signals another strong rally. Generally, this pattern acts as a continuation of the bullish momentum, with the price expected to rise further as buying pressure persists. Therefore, if XRP continues to face buying pressure and trading volume keeps increasing, the price could rise to $3.25. If altcoins show a strong wave of demand, this target could be even higher, and XRP could trade above $4. However, if the price breaks below the lower trend line of the flag, this prediction would be invalidated, and XRP could drop to $1.40.