Home
Crypto News
Market
Last Time This Happened, XRP Spiked to $3.29 — Here’s What It Is
May 9, 2025
XRP exchange flows have flipped positive after over two weeks of consistent net outflows, triggering bullish sentiments among analysts. The latest turn of events comes on the back of a broader crypto market recovery push. For context, Bitcoin (BTC) spiked 6% yesterday, May 8, to finally recover the $100,000 mark, hitting a peak of $104,159 before stabilizing at $102,000.
#BitcoinReclaims $100K.pic.twitter.com/LCKtNoj8up — TheCryptoBasic (@Wide Web Crypto) May 8, 2025
Altcoins followed suit, with Ethereum (ETH) soaring 22%, its largest intraday gain since May 2021, to cross the $2,200 level. While XRP rallied 9.42% within the same timeframe, its gains fell short. However, some analysts have more reason to be bullish.
XRP Sees 17 Consecutive Days of Intraday Outflows
Particularly, XRP community commentator and software engineer Chad Steingraber recently confirmed that XRP’s exchange flows have flipped positive. This comes after over two weeks of consistent negative flows, as indicated by data from the analytics resource Coinglass.
We’re GO for XRP green… Net Inflows triggered! https://t.co/oiZi4NOLU6pic.twitter.com/I7n8n2H2xy — Chad Steingraber (@ChadSteingraber) May 8, 2025
For context, XRP exchange flows turned red on April 20 and continued until May 7, marking seventeen consecutive days of intraday outflows. Within this period, exchanges saw XRP outflows worth over $426 million. Traditionally, these outflows are signs of positive market sentiments, as they could indicate that market participants are moving their XRP tokens out of exchanges. Notably, these investors often move their assets when they plan to store them in hot wallets for long-term HODLing.
However, Coinglass data suggests these outflows could also mean market participants are selling off their XRP tokens on exchanges for stablecoins or other assets. Steingraber’s commentary accounts for this secondary indicator, with the market commentator highlighting the trend as early as May 4. At the time, outflows had hit their fourteenth consecutive day. Nonetheless, XRP maintained its footing above the $2.2 support, showing resilience. Steingraber pointed out then that the last time XRP saw fourteen consecutive intraday exchange outflows, its price spiked to the $3.3 peak shortly after.
XRP Spiked 60% Last Time It Saw a Major Outflow Streak
The Crypto Basic independently confirmed this claim. Specifically, XRP witnessed outflows from Dec. 18 to Dec. 31, 2024, marking fourteen straight days of negative flows. During this period, XRP price dropped, reaching a low of $2.05 by Dec. 31. However, the asset recorded a price recovery on Jan. 1, 2025, coinciding with the first exchange inflow in two weeks. Following a period of price and flow fluctuations, XRP price eventually reached $3.29 on Jan. 18, a 60% rise from $2.05, eighteen days after the outflow streak ended.
Steingraber suggests this pattern could play out again. Notably, after the recent seventeen straight days of outflows, XRP saw intraday inflows worth $26.38 million yesterday, May 8, coinciding with the 9.42% price uptick that same day. This is similar to the pattern observed before the rally to $3.29.
XRP Exchange Flows | Coinglass
Should the crypto asset follow the December 2024 to January 2025 trajectory, a comparative increase could see its price soar another 60% beyond the $3 mark, specifically around $3.7.
Investor Sentiment Recovering
Meanwhile, XRP investor sentiment appears to be recovering, especially in South Korea, which accounts for most of XRP’s trade volume. Recall that The Crypto Basic confirmed earlier that Korean traders on Upbit had sold nearly $500 million in net volume over four weeks.
Market analyst Dom, who highlighted this trend, recently revealed that traders on Upbit had now flipped bullish. In his latest update, Dom revealed that Upbit traders are now the largest XRP buyers, citing the XRP Spot Cumulative Volume Delta (CVD) metric. However, he noted that Binance was lagging.
$XRPflows Finally Upbit market changed their tune and are the strongest buyers over the last 24 hours. Binance surprising tailing right behind, near 9M XRP net bought. We are seeing the strongest taste of aggressive market buying that we have seen in over a week. Key is to see… https://t.co/18YCsVo6FNpic.twitter.com/KGx0TgAJf7 — Dom (@traderview2) May 8, 2025
Notably, Upbit traders had bought a net volume of nearly 10 million XRP in 24 hours. According to Dom, this trend across multiple exchanges represented the largest aggressive buying pressure in a week. At press time, XRP changes hands around $2.3, up 6.32% over the past 24 hours.
Tags
Latest XRP (Ripple) News Today
XRP Price Prediction
