- In a mere span of four days, XRP has plummeted from a lofty $2.33 to a disheartening $2.08, as sellers have taken the reins of this tumultuous price action.
- Should the buyers remain elusive, Ripple may find itself precariously perched on the edge of the $2 support, teetering dangerously close to a descent toward $1.90.
Ah, the tale of Ripple [XRP], which, having soared to a high of $2.33 just five days prior, now finds itself besieged by relentless downward pressure. Such is the fickle nature of fortune!
For four consecutive days, this altcoin has succumbed to the weight of despair, culminating in a low of $2.08. One might say, “What a dramatic fall from grace!”
Whale exits signal market impatience
It appears that our dear large holders are growing weary, their patience wearing thinner than a threadbare coat.
In the past month, the whales of XRP have ruled the spot market, orchestrating a symphony of large orders with the finesse of a seasoned conductor.
This phenomenon is captured in the Spot Average Order Size metric, which reveals a pattern of transactions that could make even the most stoic observer raise an eyebrow.
While such grand sizes may suggest either accumulation or distribution, the recent flows seem to whisper a singular tale of impending doom.
Indeed, Whale Alert has reported a notable exchange transfer, where a whale, perhaps feeling particularly generous, transferred a staggering 26,896,993 XRP tokens worth $57.7 million to Coinbase. Talk about a shopping spree!
When such a hefty sum is dispatched to an exchange, it often signals intentions to sell or perhaps a strategic repositioning. If this transfer culminates in a sale, brace yourselves for the inevitable downward pressure on prices. 🎢
Netflow flips green as sellers tighten grip
Exchange Netflows provide further evidence of the sell-side activity that has gripped the market. XRP’s Netflow has just flipped positive for the first time in six days, reaching a modest $1.1 million. A small victory, perhaps?
When inflows surpass outflows, it often suggests that traders are sending their assets to exchanges, likely to sell. A classic case of “out of the frying pan, into the fire!”
Moreover, XRP’s Taker Buy Sell Ratio has languished below 1 for six consecutive days, a sign that the market is not exactly throwing a party.
Thus, with selling pressure reigning supreme, it appears that even the large orders previously mentioned are predominantly of the sell variety. These conditions leave XRP in a precarious position, teetering on the brink of further losses. 😬
Is XRP staring down a breakdown?
According to the astute analysis of AMBCrypto, XRP is currently besieged by formidable selling pressure from all corners of the market. Historically, such pressure has heralded lower prices unless a miraculous demand emerges to absorb it.
If this selling pressure continues unchecked and buyer demand remains a ghostly apparition, a drop below the $2 psychological support seems inevitable. A fall to $1.90 is looming unless a robust rebound materializes. Fingers crossed! 🤞
However, this bearish sentiment could be dispelled by a daily close around $2.2, signaling that buyers have returned to the market, restoring confidence among those currently fleeing like rats from a sinking ship.
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2025-06-15 16:12