On Sunday, 30 million XRP tokens worth $17.4 million were withdrawn from major South Korean exchange Upbit. This has created optimism among Ripple’s XRP holders, as outflows from cryptocurrency exchanges are often interpreted as a positive indicator.
XRP’s technical configuration suggests that the price could rise by 12% if selling activity remains low.
Market sentiment improves as Ripple buying pressure increases
The recent massive outflow of XRP from Upbit suggests growing confidence in the token price among traders in the region. This sentiment was highlighted by a surge in XRP trading volume on Sunday, exceeding $106.6 million, nearly double Bitcoin’s volume.
The overall market sentiment towards XRP is improving, as evidenced by the positive funding rates on exchanges. The current funding rate for XRP is 0.006%, indicating continued optimism among traders looking to maintain alignment between contract and spot prices.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
According to Santiment, an online cryptocurrency data platform, XRP’s funding rate has remained positive since September 7. This indicates bullish sentiment in the market, reflecting strong demand from traders willing to pay a premium in anticipation of a price increase.
Supporting this outlook is XRP’s Chaikin Money Flow (CMF), which is currently at 0.20. When an asset’s CMF value is above 0, token accumulation is high. This reflects positive market sentiment towards XRP, indicating that the token price is likely to continue to rise.
XRP Price Prediction: 12% Price Rise Possible
If buying pressure continues, XRP’s price could rise by 12% , hitting $0.65 for the first time since August 1. A break above $0.65 could push the price to $0.74, the highest it’s been in six months.
Read more: XRP ETF Explained: What It Is and How It Works
However, this bullish outlook may be invalidated if traders start taking profits. In that case, XRP may fall to the support level of $0.52. If that level is not defended, the price may fall further to $0.45.
