The massive single-day outflow has caught the attention of market watchers as it marks the sixth-largest daily outflow so far this year.
The massive outflow seen on the $XRP ledger signals tightening supply for $XRP, as recently signaled by Evernorth following its report of about 7 billion $XRP outflows seen in February.
This consistent increase in the $XRP outflow across all exchanges suggests that demand is beginning to outweigh supply and $XRP may be faced with a supply crunch soon.
$XRP price breakout incoming?
Further data provided by the source revealed that similar increases in exchange outflows have preceded periods of bullish price moves and major recovery for $XRP.
As such, the record outflow seen recently has stirred hopes among investors that $XRP might be preparing for a major price move ahead.
Moreover, the growing number of $XRP tokens being scooped out of exchanges is a strong indicator of growing confidence among investors and easing selling pressure.
If momentum persists, $XRP is expected to finally break the long streak of monthly losses that began in October 2024.