Analyst Eyes XRP Breakout With Resistance at $2.30 and Falling Inflows

• XRP is nearing the end of its consolidation phase, with a potential breakout on the horizon.
• Resistance levels at $2.22 and $2.30 are key points that could trigger a strong price surge.
• XRP’s 96% drop in exchange inflows signals reduced sell pressure and higher confidence.

XRP is now in the final stages of its consolidation phase and is expected to see an upward price movement in the near future. The analyst referred to this as the “Final Consolidation” of its monthly structure, which should culminate in a bullish breakout.

Analyst Dark Defender explained both the resistance and support levels, which are critical price levels that traders should monitor in the coming days.

Source: Dark Defender

The analysis reveals resistance levels at $2.22 and $2.30, which are crucial for XRP to overcome. If the token manages to break through these levels, it could experience a large upward movement.

On the other hand, XRP has support levels at $1.88 and $1.63, which may help shield it from further losses. These levels will serve as key indicators in determining the future fate of this token.

Related: Dark Defender Calls for One More XRP Drop Before the Real Rally Starts

XRP Exchange Inflows Plummet

One of the most significant changes is observed in the exchange inflow, which has sharply decreased for XRP. According to CryptoQuant, XRP inflows to exchanges reached 2 billion tokens on April 4.

However, by April 9, this figure had reduced by 96% to only 77 million XRP. Such a steep decline may be interpreted as a change in investor behaviour and an increase in market pressure.

Source: CryptoQuant

This can be attributed to the fact that investors are holding onto their XRP in the hope of a future price hike. A decline in the number of tokens sold or transferred to exchanges reduces the sell-side pressure, which is usually followed by price hikes. This shift in market trend suggests that investors are becoming increasingly optimistic and are waiting for more favourable prices.

Market analysts are closely monitoring events as the consolidation phase draws to a close. The key resistance levels will mark the ability of XRP to surge to the target prices of $3.75 and $5.85. As of press time, XRP is trading at $2.07 , down by 0.81% over the past day.

Related: XRP Weekly Close Above $2.25 Could Be the Game Changer – Analyst

With a shift in momentum, many traders are anticipating the start of an upward trend. The decrease in sell-side pressure, coupled with the fact that consolidation is almost over, means that there is room for growth. If XRP manages to break through these resistance levels, a price increase is likely, and more investors will be drawn to the currency.