XRP Price Prediction: Will Outflows Delay Recovery?

Ripple [XRP] led the market rally in the intraday trading session on the 17th of May, posting 3% gains. The upswing saw it hit $0.52.

Ripple’s XRP token led gains among the top crypto assets during the 17th of May intraday trading session, posting 3% gains and hitting $0.52 after a slight bounce.

The XRP token’s intraday upswing followed Bitcoin’s [BTC] surprise jump from $64K to $67K, although the gains later erased early-week gains, which could spell trouble for XRP.

Can XRP bulls defend $0.5?

XRP defended the 78.6% Fib level ($0.48) on Monday, which was a crucial range low. XRP has been stuck between the 61.8% and 78.6% Fib levels.

So, a decisive reclaim could set the altcoin up for the range-high ($0.54), which would be a potential 10% gain for XRP bulls.

However, key technical chart indicators didn’t show market leverage to bulls at the time of writing.

The RSI (Relative Strength Index) faced rejection at the mid-range, indicating that buying pressure surged but wasn’t strong enough to push XRP higher.

Similarly, the CMF (Chaikin Money Flow) showed an uptick but hadn’t crossed above the zero level, indicating that inflows improved but weren’t substantial enough.

That said, XRP bulls need to defend the 78.6% Fib level if the 10% potential is to be realized. Otherwise, short-sellers could drag it lower to $0.45 or $0.41

XRP price prediction: Will outflows delay recovery?

The weak CMF was supported by massive outflows from XRP spot markets after Monday’s upswing.

Per Coinglass data, the XRP spot market recorded a $24.99 million outflow on the 17th of June, showing that some investors de-risked after the upswing.

If it persists, the bearish sentiment could weigh on an extended recovery.

However, Santiment, an intelligent crypto data platform, noted that crowd sentiment on XRP has dipped to 2024 lows and could be a perfect buying opportunity.

‘Patient traders who have been waiting for the crowd to give up on these large-cap altcoins may finally have their buy opportunity with FOMO at a 2024 low.’

The bullish position, despite a weak price chart, was reiterated by another X (formerly Twitter) user and analyst, BCBacker.

Realistic or not, here’s XRP’s market cap in BTC’s terms

The analyst showed that on higher timeframe charts, XRP flashed signals that were followed by an explosive rally in 2017 and 2021.

That said, BTC’s next move would be the key driver of XRP’s price movement, and further weakening of the king coin could complicate the altcoin’s recovery.

News source：https://www.kdj.com/cryptocurrencies-news/articles/xrp-price-prediction-outflows-delay-recovery.html

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