XRP sees outflows, bear trend prevails: analysis
2024-12-06

On December 4, XRP exchange outflow was 980.65 million. As of now, it has decreased to 44.17 million, indicating a difference of 936.48 million. This metric tracks the number of tokens taken out of exchanges.

Considering XRP’s current price is around $2.33, the exchange outflow between yesterday and the time of writing is worth $2 billion. Given the stated conditions, if the outflow continues to fall, XRP’s price might do the same.

On the daily chart, XRP has flashed three consecutive red candlesticks, indicating selling pressure on the altcoin. A further look at the chart shows that the trading volume of the cryptocurrency has decreased.

In short, a ton of the volume confirms that there has been more selling than buying. Should this continue, then XRP’s price might continue to fall. If validated and XRP exchange outflow declines, the value might drop to $1.90.

In a highly bearish scenario, the altcoin could drop to $1.46. However, this trend might change if the exchange outflow increases again. In that case, the price could bounce to $2.90.