What It Means for Price
Ripple’s (XRP) price recently surged 350% in 30 days and has now retreated from a peak of $2.80. This downturn may be related to reduced XRP exchange outflows, as recent data has shown.
If this trend continues, XRP may lose more of its recent gains.
Ripple investors are no longer holding large amounts
On December 4, XRP exchange outflow was 980.65 million. As of this writing, that has dropped to 44.17 million, a difference of 936.48 million. This metric tracks the number of coins withdrawn from exchanges.
When it increases, it means that most holders are unwilling to sell. As a result, the price of cryptocurrencies is likely to increase. On the other hand, the decline indicates bullish belief No longer as high as before, which may cause prices to fall.
Considering XRP’s current price is around $2.33, transaction outflows from yesterday to the time of writing are worth $2 billion. Given the above conditions, if outflows continue to decline, The price of XRP may same.
Additionally, XRP’s weighted sentiment dropped significantly, from 6.75 to 0.035, according to Santiment data. Weighted sentiment measures market sentiment, reflecting whether participants are optimistic (bullish) or pessimistic (bearish) about cryptocurrencies.
Rising sentiment indicates growing bullishness and enthusiasm for the coin, while falling sentiment indicates bearish sentiment, signaling a decrease in market confidence or negativity. If this trend continues, it may suppress Ripple demandwhich could lead to lower prices as market interest wanes.
XRP Price Prediction: Is It Time to Drop Below $2?
On the daily chart, XRP has flashed Three consecutive red candlesticks indicate that the altcoin is facing selling pressure. A closer look at the chart reveals that the cryptocurrency’s trading volume has declined.
Simply put, heavy volume confirms that there is more selling than selling. Buy. If this continues, then the price of XRP may continue to fall. If verified and XRP transaction outflows decline, its value could drop to $1.90.
at a height bearish scenariothe altcoin could drop to $1.46. However, this trend could change if foreign exchange outflows increase again. In this case, the price may rebound to $2.90.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
