XRP Poised for Impressive Upside Rally as Long-Term Holders and Traders Renew Interest

XRP, one of the leading cryptocurrencies, is poised for an impressive upside rally as strong confidence and interest from long-term holders and traders

XRP price analysis reveals a bullish trend with strong buying pressure and confidence from long-term holders and traders. Despite a brief consolidation period, XRP’s technical indicators and on-chain metrics suggest potential for further growth. Here are the key highlights and analysis.

After a 30% rally triggered by a bullish flag and pole breakout on January 11, XRP entered a consolidation phase. During this rally, many long-term holders sold their XRP holdings, capitalizing on the profits. However, on January 18, on-chain analytics firm CoinGlass reported a resurgence of interest among long-term holders, marking the first such activity in five days.

This renewed interest from long-term holders, typically indicating confidence in the asset’s future price trajectory, could signal a shift in selling patterns and a bullish trend.

One of the strongest indicators of bullish sentiment is the massive $84.41 million XRP outflow from exchanges within 24 hours, observed in CoinGlass’s spot inflow/outflow analysis. These substantial outflows signal accumulation by investors, which often precedes significant price increases. Such buying pressure could set the stage for XRP to rally further.

Moreover, the XRP/USDT Long/Short ratio on Binance currently stands at 2.17, indicating strong confidence in XRP among traders on the exchange. For every short position, there are 2.17 long positions. Additionally, 68.4% of top traders on Binance are backing long positions, highlighting widespread optimism about XRP’s future price direction.

According to technical analysis by AMBCrypto, XRP is undergoing a minor correction following its recent rally but retains the potential for further growth. The cryptocurrency recently broke out of a bullish flag and pole pattern, a move that typically signals continued upward momentum.

XRP price analysis reveals a bullish trend with strong buying pressure and confidence from long-term holders and traders. Despite a brief consolidation period, XRP’s technical indicators and on-chain metrics suggest potential for further growth.