CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
coinpedia 2025-02-14 13:38:27

$34 Million XRP Inflow Signals Potential Price Drop

The post $34 Million XRP Inflow Signals Potential Price Drop appeared first on Coinpedia Fintech News After breaking out of a prolonged consolidation, XRP, the native token of Ripple Labs, appears to be struggling as whales and long-term holders have been dumping XRP tokens onto exchanges. $34 Million Worth XRP Inflow Onto Exchanges Today, on February 14, 2025, the on-chain analytics firm Coinglass revealed that exchanges have seen an inflow of a significant $34 million worth of XRP in the past 24 hours. Source: Coinglass In the cryptocurrency market, inflow refers to the transfer of assets from long-term holders’ wallets to exchanges, which hints at a potential dump. Such inflows onto exchanges have the potential to cause selling pressure and lead to further price drops. Current Price Momentum However, this bearish move by investors and long-term holders comes after XRP price soared by 11% in the past 24 hours, and these holders might have seen this as an ideal level for profit booking. Currently, XRP is trading near $2.70, and at the same time, due to the impressive upside momentum, its trading volume has jumped by 50%, indicating rising investor and trader participation in the past 24 hours. XRP’s Major Liquidation Level Despite bearish activity from investors and long-term holders, intraday traders are betting on the bullish side. Data revealed that intraday traders are currently over-leveraged at $2.497 on the lower side and $2.80 on the upper side. At these levels, both buyers and sellers have built $143 million worth of long positions and $55 million worth of short positions. These over-leveraged positions hint that bulls are currently dominating the asset. Source: Coinglass XRP Price Action and Upcoming Level According to expert technical analysis, XRP is currently facing mild resistance near the $2.80 level, which is causing trouble for the asset by creating selling pressure and further price drops. Source: Trading View Based on recent price action and historical patterns, if XRP breaches the resistance level and closes a daily candle above the $2.85 level, there is a strong possibility it could soar by 20% to reach the $3.35 level in the coming days.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.