- The price of XRP rose to $0.62 after a surge in exchange withdrawals.
- CLLD has surged negative, indicating a bullish bias.
The number of Ripple (XRP) tokens abandoned on Binance has exceeded 75 million, AMBCrypto has confirmed after reviewing large transactions. whale warning reported In the last 24 hours.
According to Whale Alert, these transactions occurred in batches.
However, considering the price of XRP, this could be good news. One reason for this prediction is that large withdrawals from exchanges reduce selling.
Additionally, if there is buying pressure during this period, the price of the cryptocurrency may surge. However, over the past few days, XRP’s price has been underwhelming compared to its peers.
XRP takes the bull by the horns.
At the time of press, we observed a 1.89% decline in the token’s value over the past 7 days while the token was trading at $0.62.
Developing with Binance can be a great thing, but it is also important to check the status of exchange activity on-chain.
AMBCrypto used Santiment to confirm exchange inflows of 258,000. Conversely, in the first few hours of March 11, exchange outflows totaled 1.69 million.
Source: Santiment
This difference means that more tokens are leaving the exchange than entering the exchange. Therefore, the possibility of an XRP price increase remained high.
In addition to on-chain activity, we also checked the level of liquidation. For context, a liquidation level is the expected price level at which a liquidation event may occur.
The moon could be a starting point, but first…
AMBCrypto’s analysis shows that aggressive buying took place at $0.62, indicating that many shorts could be liquidated if the price of XRP rises higher than that.
HyblockCapital’s data also gave us an idea about Cumulative Liquidation Level Delta (CLLD).
CLLD can tell you whether a cryptocurrency has bullish or bearish potential. As of this writing, CLLD has surged in a negative direction. There have been instances where the price of XRP has fallen sharply before.
Source: HyblockCapital
However, traders who decide to sell at this point may be liquidated as mentioned above. When it comes to price, CLLC shows a bullish bias.
Therefore, if market conditions remain strong, the price of XRP may rise to $0.65 in the coming days.
Additionally, on-chain data from Santiment shows that XRP circulating volume has decreased. At the time of reporting, daily circulation had decreased to 209.94 million copies.
This decrease indicates a decrease in tokens being used for transactions.
Source: Santiment
Read Ripple (XRP) Price Forecast 2024-2025
In terms of price action, the circulation volume has decreased, reducing the possibility of selling (exchange outflow, etc.). From an optimistic perspective, the token price could rise to $0.70.
But this requires a lot of buying pressure. If the bears neutralize the bulls, the price of XRP could reconsolidate between $0.58 and $0.61.