- More XRPs have recently been unlocked.
The price has continued to decline.
As a seasoned crypto investor with a keen eye for market trends, I’ve seen my fair share of ups and downs in the world of digital currencies. The recent developments surrounding Ripple (XRP) have piqued my interest, given the significant unlocking of tokens and the subsequent decline in price.
New data reveals a significant release of Ripple (XRP) tokens occurring early in the month.
As a researcher studying the financial markets, I can anticipate varied responses from traders regarding this new development, given that XRP has lately surpassed a significant price threshold in its trend.
Half a billion Ripple unlocked
As a crypto investor, I’ve noticed an interesting development regarding XRP. Based on a recent update from Whale Alot, approximately 500 million XRPs have been unlocked. At the current market value, this equates to around $240 million.
At the time of publication, it was undecided which way the recently released tokens would move.
Ripple sees the death cross
As a researcher examining the price trends of Ripple, I observed a noticeable weakening pattern, most notably towards the end of trading on the 30th of April.
The graph indicated a notable shift: the yellow line’s intersection beneath the blue line, denoted as a “death cross.” This occurrence usually heralds a downturn in the trend.
This cross coincided with XRP’s decline to the $0.5 price range, reflecting a 2.82% decrease.
As a crypto investor, I’m observing a downward trend for XRP at present. The coin has dipped by more than 3%, and its current price hovers around the $0.48 mark.
At around $0.57 and $0.58, resistance points can be identified based on where the yellow and blue lines meet.
Based on the Relative Strength Index (RSI), XRP could be approaching the oversold territory, as the RSI was reading below the 35 threshold when the assessment was made. This observation adds to the prevailing pessimistic outlook towards XRP.
XRP sees an imbalance in exchange flow
The examination of Ripple’s exchange transactions on the 30th of April reveals a significant surge in incoming transactions versus outgoing ones.
A larger amount of XRP tokens moved from wallets to exchanges for possible trading than there were withdrawals. Normally, increased withdrawal activity is viewed as a bullish sign, suggesting a decreased intent to sell.
On the 30th of April, the chart indicated a significant increase in inflow volume, with over 51.6 million XRPs being added. Conversely, the maximum outflow volume recorded during that timeframe amounted to approximately 33.2 million XRPs.
As a researcher examining the data, I’ve noticed a significant disparity of over 17 million units between the incoming and outgoing flows of XRPs. This gap highlights an imbalance that is noteworthy.
Realistic or not, here’s XRP’s market cap in BTC’s terms
Currently, approximately 3.2 million XRP are flowing into accounts each day. Contrastingly, about 7.5 million XRP are being transferred out daily.
Although the volume of XRP being bought and sold has decreased, the difference between buyers and sellers remains significant, implying ongoing demand for XRP trading.
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2024-05-01 22:15