XRP’s Supply in Profit Shrinks as Bearish Sentiment Rises
XRP has maintained a downward trend since reaching $3.40 on January 16. The current trading price is $2.18, pointing to a 35% drop in price over the past two months.
The double-digit decline has resulted in a decrease in profits for XRP tokens. Data on the chain suggests that bearish sentiment against Altcoin is climbing, suggesting an increasing decline.
XRP sees new demand declines, signaling market interest slows
As XRP’s price fell, its total profit supply also decreased. According to Santiment, this has shrunk by 6.39 billion in the past week Year to low.
As of this writing, the total supply was 9.98 billion, with 87.95 billion tokens held in profits. This shows that some investors now hold XRP losses, reflecting an increase and weakening of sales pressure Market sentiment.
In addition, Chain data also showed a sluggish new demand, with fresh purchases of XRP daily buying significantly lower this month. Each santiment, only 4,516 New wallet address Created on Sunday to trade XRP.
This represents the lowest count of new XRP demand since the beginning of the year.
When an asset sees a drop in new demand, it means investors buy it. As XRP observed, this reduces trading activity and weakens price support in its spot market. It shows that market interest in altcoins is weakened and if sales pressures are made, it may lead to further price drops Stay high.
XRP faces sales pressure: Will the Bulls break the downward trend?
On the daily chart, XRP has been below the downtrend line since reaching an all-time high, reflecting the downtrend.
This bearish pattern is formed when the price of an asset always produces a lower climax over time. It shows that sellers are under control and may drop further unless the price exceeds the trend line.
XRP was traded at $2.17 at press time, which was significantly below this downtrend line. As bearish biases grow, the price of tokens may deviate from this trend line. In this case, the value of XRP may drop below $2 to $1.47.
However, if buying pressure grows momentum, XRP may surpass its downtrend line and Climb to $2.93.
Disclaimer
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