title: XRP, the Native Token of Ripple Labs, Is Gaining Massive Attention

input: XRP, the native token of Ripple Labs, is gaining massive attention from long-term holders despite a significant sell-off in the cryptocurrency market.

The cryptocurrency market has seen massive sell-off in the past week, however, despite the market downturn, long-term holders are showing strong interest in XRP.

On Tuesday, April 4, data from an on-chain analytics firm showed that exchanges have seen continuous outflows, even as the asset’s price continues to decline.

Exchanges Saw $55 Million XRP Outflow

Data from Coinglass showed that exchanges have seen an outflow of a whopping $55 million worth of XRP tokens over the past 48 hours.

This substantial outflow from exchanges is a sign of accumulation and further raises a question in the minds of traders about whether this is an ideal level to buy or not.

At press time, XRP is trading at $2.05 and has seen a price decline of over 5% in the past 24 hours. However, during the same period, its trading volume jumped by 95%, which explains the asset’s outflow from exchanges.

Key Level For XRP

According to expert technical analysis, the asset has reached a key level following this massive price decline, which puts XRP in a make-or-break situation.

The asset’s daily chart reveals that it has formed a bearish head and shoulders pattern and is currently approaching the neckline, which is crucial due to its historical price momentum.

Whenever XRP reaches this level, it tends to show price reversal or rebound, which might explain the recent outflows from exchanges.

However, if the current market sentiment remains unchanged and the price continues to fall further, then there is a strong possibility that XRP could drop by 44% to reach the $1.20 level in the future.

Traders Put $58 Million in Long Positions

According to Coinglass liquidation data, traders are currently bullish on XRP. At press time, the major liquidation levels or over-leveraged positions are at $2.08 on the upper side and $1.93 on the lower side. At these levels, traders have built $28 million and $58.70 million worth of short and long positions, respectively, over the past 24 hours.

These levels indicate that bulls are currently dominating the asset and are hoping that XRP’s price will not fall below the $1.93 level in the coming days.

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