Can XRP Price Regain $3.41 High, or Is $2.45 Next?
Since hitting an all-time high of $3.41 on January 16, XRP has lost 9% in value as selling has steadily increased, weighing on its price.
XRP is likely to experience continued downward momentum in the short term as profit-taking increases.
XRP traders lock in profits, put pressure on price
On-chain readings come from The XRP network has realized profits and losses (NPL) confirmed a surge in profit-taking activity. According to Santiment, the indicator has continued to return to positive values over the past week, indicating that XRP holders have been selling their tokens for profits.
A token’s NPL measures the difference between the last price an asset was moved or sold for and its current market price. It tells us how much profit or loss has been “realized” by its holders.
When NPLs are positive, more investors sell at a profit than at a loss. This selling activity typically results in an increase in supply in the market, which can cause the asset price to fall if demand does not match the selling.
also, XRP’s skyrocketing transaction flow balance Confirming the increase in token selling over the past week. According to Santiment, this figure has increased by 105% since January 17, the day after XRP rose to a new all-time high.
An asset’s trade flow balance metric tracks the net movement of assets in and out of exchanges, helping to gauge overall market sentiment. When indicators spike like this, it indicates an increase in deposits. This usually indicates that traders are preparing to sell, putting downward pressure on the asset price.
XRP Price Prediction: Will Profit Taking Push It Toward $2.45?
As of press time, XRP is trading at $3.09. If the sell-off continues, the value of the third-largest crypto asset could fall to $2.45, which represents strong support.
On the other hand, if investors reduce profit-taking, the price of XRP may rebound and try to rise Back to all-time highs.
Disclaimer
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