Whale Inflows Dampen XRP ETF Optimism As Selling Pressure Persists
Expectations As shown in the price action overlaid in the chart above, the coin printed repeatedly lower highs and lower lows after major exchange deposits. This happens because of the relatively low numbers of new spot buyers on Binance, and even moderate selling pressure has been enough to cap rallies. As it stands, the crypto is facing selling pressure every time it approaches $1.95. Based on the intensity of exchange inflows and the market’s reaction, the first meaningful support zone is between $1.82 and $1.87. However, if large inflows persist, the data suggests the XRP price could continue declining to the $1.50 to $1.66 range.Lower Highs, Lower Lows Confirm Supply Overpowering Demand
Related Reading
The interpretation is that the ETF trend did not translate into sustained spot demand for XRP. Instead, whales who accumulated XRP ahead of ETF approval expectations appear to have used the resulting attention as an opportunity to dump their holdings.
That said, inflows into Spot XRP ETFs may have helped limit deeper downside, as data from SoSoValue shows these funds recorded $82.04 million in inflows over the recent week.
Featured image from Unsplash, chart from TradingView
About Author
