XRP saw a surge in spot exchange outflows over the last 24 hours, with $115.02 million worth of XRP withdrawn, according to CoinGlass data. This outflow significantly exceeded the $99.41 million in inflows, resulting in a net negative spot flow of -280.65%. The movement signals that investors are removing coins from exchanges, often a sign of accumulation and long-term holding rather than intent to sell, indicating rising demand.
Accompanying the outflows, open interest in XRP futures rose by 3.96% to $2.96 billion. Additionally, XRP exchange-traded funds (ETFs) recorded a positive daily net inflow of $6.04 million on May 8, as reported by Sosovalue, reinforcing the bullish sentiment.
XRP traded up 2.22% at $1.41, confined within a tightening range that analysts believe could soon break out. Technical patterns, including a bull flag and falling wedge, combined with thinning order books, suggest increased volatility ahead. Key resistance lies between $1.43 and $1.51, while support sits at the daily MA 50 near $1.38. A move above $1.51 could open a path toward $1.60 and $1.73.
Broader market catalysts also loom, with the Senate Banking Committee reportedly scheduling a markup for May 14 to advance major crypto market structure legislation, an event that could inject additional volatility into the sector.
