The post Time to Sell XRP? $444 Million Inflows on Exchanges appeared first on Coinpedia Fintech News
Ripple’s native token XRP is making a wave in the cryptocurrency landscape with its impressive performance. With a significant price surge of over 420% in the last 30 days, XRP has outperformed major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Binance Coin (BNB), and others.
XRP Outperformed SOL, BNB, and USDT
Additionally, the altcoin has surpassed SOL, BNB, and USDT, becoming the world’s third-largest cryptocurrency by market cap.
However, current data suggests a negative outlook for XRP, indicating a potential price correction or a possible decline in the coming days.
XRP’s $445M Inflow, What it Means for Investor?
Data from the on-chain analytics firm Coinglass indicates that whales appear to be offloading their holdings as prices continue to rise. According to Coinglass’s XRP spot inflow/outflow data, exchanges have witnessed significant inflows of $444.39 million over the past four days.
In the context of cryptocurrency, inflows refer to the movement of assets from whale wallets to exchanges, which often creates selling pressure and suggests that investors might be depositing the asset with the intent to sell.
Rising Open Interest
Besides whales and investors’ recent activity, traders have also shown strong interest in the altcoin, as reported by Coinglass’s open interest metrics. According to the data, XRP’s open interest (OI) has surged by 37.98% in the past 24 hours and 21% in the past four hours. This growing OI indicates heightened trader interest, leading to a significant increase in open positions.
The combination of these on-chain metrics suggests that whales and traders are significantly participating in the altcoin as it continues to rise, potentially due to profit booking or the creation of short positions in the hope that the price may reverse.
XRP’s Current Price Momentum
At press time, XRP is trading near $2.72 and has registered a significant 43% upside momentum in the past 24 hours. This notable upside momentum is the highest by top cryptocurrencies on coinmarketcap.
Meanwhile, during the same period, XRP has also witnessed a significant 390% rise in the trading volume, indicating heightened participation from traders and investors compared to the previous day.