Time to Sell XRP? $445 Million Inflows on Exchanges
Ripple’s native token XRP is making waves in the cryptocurrency space with its impressive performance. The price of XRP has surged by more than 420% in the past 30 days, outperforming major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Binance Coin (BNB) and others.
XRP outperforms SOL, BNB and USDT
In addition, altcoins have surpassed SOL, BNB, and USDT to become the third largest cryptocurrency in the world by market capitalization.
However, current data shows a poor outlook for XRP, suggesting a possible price correction or decline in the coming days.
What does XRP’s $445 million inflow mean for investors?
Data from on-chain analytics firm Coinglass shows that whales appear to be selling off their holdings as prices continue to rise. According to XRP spot inflow/outflow data from Coinglass, the exchange witnessed massive inflows of $444.39 million over the past four days.
In the context of cryptocurrencies, inflows refer to the transfer of assets from whale wallets to exchanges, which often creates selling pressure and indicates that investors may be depositing assets with the intention of selling.
Open interest rises
In addition to recent activity from whales and investors, traders have also shown strong interest in altcoins, according to Coinglass’ open interest indicator. Data shows that XRP’s open interest (OI) surged 37.98% in the past 24 hours and 21% in the past 4 hours. The growing OI indicates increased interest among traders, leading to a significant increase in open interest.
The combination of these on-chain indicators suggests that as the altcoin continues to rise, whales and traders are heavily involved, possibly due to profit booking or creating short positions in anticipation of a possible price reversal.
XRP Current Price Momentum
At press time, XRP was trading near $2.72, having surged 43% in the past 24 hours. This significant upward momentum is the highest among the top cryptocurrencies on coinmarketcap.
At the same time, XRP’s trading volume also surged by 390% during the same period, indicating increased participation from traders and investors compared to the previous day.
