XRP Sees $57 Million in Spot Outflows as Third-Largest Bank in Saudi Arabia Taps Ripple ⋆ ZyCrypto

XRP could be gearing up for a rebound, as on-chain data show a notable surge in spot outflows, suggesting investors are withdrawing their tokens from exchanges. These outflows could continue if traders react to the recent partnership between Ripple and the third-largest bank in Saudi Arabia, Riyad Bank.

XRP Spot Outflows Hit $57M Despite Price Weakness

Data from Coinglass shows that over the past four days, XRP has recorded consistent outflows. During this period, total outflows have reached $57 million, indicating sellers may be becoming exhausted as tokens begin to leave exchanges.

A surge in spot outflows also signals accumulation, as some traders take advantage of the recent price decline. According to CoinMarketCap, XRP remains below $2, trading at $1.5 at press time. Its current price is down 25% over the past three weeks.

In addition to spot traders, institutions are accumulating Bitcoin, as evidenced by the recent uptick in inflows to spot XRP ETFs. Data from SoSoValue shows that the product has amassed positive flows for four consecutive trading days.

The accumulation trend also aligns with an analyst’s note that the XRP price was repeating a 2017 pattern that could precede substantial gains. The analyst stated that in 2017, the price consolidated within a narrow range before a massive breakout. He noted that XRP was near a breakout point and that a rally was imminent.

As market sentiment shifts in favour of bullish traders, macro trends are also shifting following Ripple’s major deal. 

Top Saudi Bank Partners With Ripple

One factor that could drive XRP’s rebound is the growing utility of the token following a partnership between the firm and Jeel, Riyad Bank’s innovation division. The latter ranks as the third-largest bank in Saudi Arabia. As ZyCrypto reported, this deal will allow Ripple to expand its presence in Saudi Arabia.

The partnership deal could enable cross-border payments and other blockchain innovations at the bank to be processed through the Ripple network. Such a move could be bullish for the XRP token.

In summary, XRP is showing signs of entering an accumulation phase amid a surge in spot exchange outflows and ETF inflows. As institutional adoption of the Ripple network grows, XRP could secure major gains.