The post $84M in token outflows, but is a 45% price rally next? appeared on BitcoinEthereumNews.com.
At press time, 68.4% of top XRP traders on Binance held long positions XRP could soar by another 45% on the charts to hit the $4.5-level XRP, at the time of writing, seemed poised to continue its upside rally thanks to strong interest and confidence from long-term holders and traders. This, despite the fact that over the last 48 hours, the altcoin has been in consolidation mode, undergoing a price correction after hitting a 7-year high on the charts. Hike in long-term holders’ interest On 11 January, XRP broke out from a bullish flag and pole price action pattern, entering a consolidation phase before recording a significant 30% upside rally. During this rally, long-term holders who bought XRP at lower prices began selling their holdings on exchanges. On 18 January, for the first time in the last five days, long-term holders showed renewed interest in the third-largest cryptocurrency, as reported by the on-chain analytics firm CoinGlass. $84 million XRP outflows from exchanges In fact, data from its spot inflow/outflow analysis revealed that exchanges have seen significant outflows of over $84.41 million in XRP in the last 24 hours alone. These volume have been substantial, indicating potential accumulation. It also seemed to hint at an ideal buying opportunity, one that could create massive buying pressure while potentially leading to an upside rally on the charts. Source: Coinglass 68% of top XRP traders go long on Binance In addition to the sustained accumulation by long-term holders, traders on Binance have also expressed strong support and confidence in XRP. At press time, Binance’s XRP/USDT Long/Short ratio stood at 2.17. This indicated that for every 2.17 long positions, there is a single short position. This demonstrated strong trader interest on the long side. Furthermore, data revealed that 68.4% of top XRP traders on Binance…