$62 Million XRP Offload Onto Exchanges, Sell Signal or What?
Ripple Labs’ native token XRP has struggled to gain momentum over the past few days, and data suggests it may continue to struggle in the coming days. This negative speculation is based on recent activity by investors and long-term holders amid continued uncertainty in the market.
Bearish on-chain indicators
Data from on-chain analytics companies coin glass The spot inflow-outflow indicator shows that the exchange witnessed $62 million in XRP inflows in the past 48 hours. Heavy inflows of XRP tokens into exchanges signal a potential sell-off, which could lead to lower prices and increased selling pressure.
In addition to heavy inflows, the long-short ratio, a measure of trader sentiment, currently stands at 0.92, indicating a bearish outlook as short positions dominate.
However, this occurred during a period of continued consolidation in the asset’s price over the past six days.
XRP Technical Analysis and Price Prediction
According to expert technical analysis, Ripple The stock was neutral before breaking out of an ongoing consolidation between $2.90 and $3.30.
Based on the recent price momentum, if XRP breaks out of the consolidation and closes the daily candle above $3.32, there is a good chance it will surge 32% to $4.50 levels in the coming days. Conversely, if XRP breaks out of the consolidation and closes below the $2.85 level, a 10% decline to $2.58 levels is possible in the future.
On the positive side, the relative strength index (RSI) currently sits at 65, indicating that XRP is approaching overbought levels, but there is still room for further upward momentum.
Current Price Momentum
Despite the bearish outlook, XRP is currently trading close to $3.25 and has seen a price increase of 1.60% in the past 24 hours. However, its trading volume fell by 35% during the same period, indicating that trader and investor participation was lower than the previous day.
