Ripple Labs' recent decision to lock XRP tokens in escrow has drawn attention from crypto enthusiasts. Despite a price dip and bearish market sentiment, traders and investors have shown strong interest in XRP, with a significant increase in trading volume. Some long-term holders are accumulating tokens, while technical analysis suggests XRP is at a crucial support level.
Ripple Labs is garnering significant attention from crypto enthusiasts amidst the prevailing bearish market sentiment, following its recent move to lock XRP tokens in escrow. This strategic action appears aimed at preventing a substantial decline in XRP 's price during this period of market uncertainty.Historically, whenever Ripple Labs implements escrow locking for its tokens, the price tends to experience some relief and gains momentum even in a bearish market.
This pattern suggests a potential positive impact on XRP's price trajectory. Following the current escrow transaction, XRP was trading near $2.90 at press time, reflecting a 3.60% price drop in the past 24 hours. Despite this decline and the ongoing bearish sentiment, traders and investors have demonstrated a strong interest in the token, resulting in a 65% surge in its trading volume.Intriguingly, some long-term holders and investors appear to be capitalizing on the recent price drop by accumulating tokens, according to on-chain analytics firm Coinglass. Data from spot inflows/outflows revealed a notable outflow of $70.50 million worth of XRP from exchanges over the past 48 hours, indicating potential accumulation strategies. At press time, major liquidations were observed at $2.791 on the lower side and $2.963 on the upper side, highlighting instances of traders becoming over-leveraged at these price levels. If market sentiment fails to improve and the price drops to the $2.791 level, nearly $55.10 million worth of long positions will be liquidated. Conversely, if sentiment shifts and the price rises to the $2.963 level, approximately $35 million worth of short positions will be liquidated.According to AMBCrypto's technical analysis, XRP is currently situated at a crucial support level of $2.88, while momentum appears to be waning. Based on recent price action, if XRP fails to maintain the $2.88 level, there is a substantial possibility of a 10% decline, leading it to its next support at $2.55. On a positive note, XRP is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, suggesting that the asset is in an uptrend
XRP Ripple Labs Escrow Bear Market Cryptocurrency Price Trading Volume Accumulation Technical Analysis
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