- More XRPs have recently been unlocked.
- The price has continued to decline.
Recent data indicates a substantial unlocking of Ripple [XRP] tokens at the beginning of the month.
This development will likely evoke mixed reactions among traders, especially considering that XRP has recently crossed a crucial zone in its price trend.
Half a billion Ripple unlocked
According to a recent post by Whale Alert, XRP has unlocked 500 million XRPs. The unlock was valued at around $240 million at the time of this writing.
The direction in which these newly unlocked tokens will flow was still being determined at press time.
Ripple sees the death cross
AMBCrypto’s analysis of Ripple’s price trend indicated a weakening trend, particularly at the close of trading on the 30th of April.
The chart revealed a significant development: a “death cross,” marked by the yellow line crossing below the blue line. This typically signals a bearish trend.
This cross coincided with XRP’s decline to the $0.5 price range, reflecting a 2.82% decrease.
At the time of this writing, XRP continued to decline, with over a 3% decrease, trading at around $0.48.
Resistance levels are observed at approximately $0.57 and $0.58, where the yellow and blue lines intersect, respectively.
Source: Trading View
The Relative Strength Index (RSI) suggested that XRP may soon enter the oversold zone, with the RSI below 35 at the time of writing. This further underscores the bearish sentiment surrounding XRP.
XRP sees an imbalance in exchange flow
Analysis of the Ripple Exchange flow indicates a notable increase in inflow compared to outflow on the 30th of April.
This suggested that more XRPs were transferred to exchanges for potential sale than were withdrawn. Typically, more withdrawals are considered bullish signals, indicating a reduced interest in selling.
Specifically, the chart revealed that the inflow volume surged to over 51.6 million XRPs on the 30th of April. In contrast, the highest outflow volume observed during the same period was over 33.2 million XRPs.
This substantial difference, exceeding 17 million XRPs, underscores the notable imbalance between inflow and outflow.
Source: Santiment
Realistic or not, here’s XRP’s market cap in BTC’s terms
At the time of writing, XRP’s inflow volume had decreased to around 3.2 million. In comparison, the outflow volume stood at approximately 7.5 million.
Despite the reduction in inflow and outflow, the relative imbalance persists, suggesting continued interest in selling XRPs.
Credit: Source link
