In recent days, XRP, Ripple Labs’ native token, has struggled to gain momentum, and data suggests it will likely continue to struggle in the coming days. This negative speculation is based on recent investor and long-term investor activity amid continued market uncertainty.
Bearish on-chain metrics
Data from the on-chain analytics company Mint glass Spot inflow-outflow statistics show that exchanges have witnessed XRP inflows of a significant $62 million in the last 48 hours. This substantial influx of XRP tokens on exchanges signals a potential dump, which could lead to a price drop and increased selling pressure.
In addition to the significant inflows, the long/short ratio, which measures traders’ sentiment, currently stands at 0.92, indicating a bearish outlook as short positions dominate.
However, this is happening at a time when the asset has been experiencing continued price consolidation over the past six days.
XRP technical analysis and price prediction
According to expert technical analysis, XRP looks neutral until it breaks out of the ongoing consolidation between the USD 2.90 and USD 3.30 levels.
Based on the recent price momentum, if XRP breaks the consolidation and closes a daily candle above the $3.32 level, there is a strong possibility that it could rise 32% to reach the $4.50 level in the coming days. Conversely, if
On the upside, the Relative Strength Index (RSI), which currently stands at 65, indicates that XRP is approaching overbought levels but still has room for further upside momentum.
Current price momentum
Despite the bearish outlook, XRP is currently trading around $3.25 and has experienced a 1.60% price increase over the past 24 hours. However, during the same period, trading volume fell by 35%, indicating lower participation from traders and investors compared to the day before.
Credit : coinpedia.org
