XRP News: Tokens Worth $116M Move Into Exchanges, Correction Ahead?

Key Insights:

• The latest XRP news reveals that $116 million worth of tokens have moved into exchanges, hinting at a potential sell-off.
• This movement comes as XRP recently hit a new high of $3.66.
• On-chain data indicates that if a correction occurs and XRP’s price falls below the $3.391 level, long positions worth $57.65 million could be liquidated.

In the crypto landscape, XRP news is making waves and garnering the attention of crypto enthusiasts. Over the past 24 hours, the latest news includes XRP approaching its all-time high and recording significant inflows of assets into the exchanges.

XRP News: $116 Million XRP Move Onto Exchanges

As per CoinMarketCap data, after a notable price uptick and hitting a new high, on-chain metrics are flashing bearish signals.

The data reveals that investors and long-term holders have seized this surge as an opportunity for potential profit booking. Over the past 24 hours, a record inflow has been witnessed into exchanges.

According to the on-chain analytics tool CoinGlass, exchanges across the crypto landscape have witnessed a record inflow of $116 million worth of XRP tokens.

This substantial inflow was recorded within 24 hours as XRP was making a higher high. In the current market sentiment, such inflows are considered a sign of dumping, which can impact the upside momentum.

Mixed Sentiment as XRP Faces Sell-Off Risks

Looking at the XRP news, the sentiment appears mixed for holders. The price has reached a new high, while a potential sell-off is still a concern of a price dip.

However, it is possible that instead of a notable price drop, XRP may retest the breakout level it recently breached before hitting a new high, due to the overextended price movement in recent days.

At press time, XRP was priced at $3.45, holding a gain of over 6.10% in the past 24 hours. During this period, the asset has dropped from $3.65 to its current level, indicating a possible correction. Amid this, investor and trader participation has skyrocketed, resulting in an 85% jump in trading volume.

$57M in XRP Longs at Risk if Price Drops Below $3.39

If the ongoing correction continues, millions of dollars worth of longs could be liquidated, as revealed by CoinGlass data.

At present, the major liquidation levels are $3.39 on the lower side (support) and $3.55 on the upper side (resistance). At these levels, traders have built $57.65 million worth of long positions and $104.89 million worth of short positions.

If the price correction continues and falls below the $3.39 level, nearly $57.65 million worth of long positions could be liquidated.

These metrics indicate that the short-term outlook for XRP is bearish, with a strong possibility of a price correction at this level. However, the long-term outlook remains bullish.

Recently, CoinMarketCap revealed that XRP whale holdings have skyrocketed. According to the data, over 47 billion XRP tokens are held in large wallets, signaling strong confidence in the long term.

XRP Technical Analysis and Upcoming Levels

According to expert technical analysis, XRP has successfully broken out of the key resistance level at $3.32 and, with the recent price decline, appears to be retesting it.

Given the current market sentiment, if the ongoing correction holds at the $3.32 support, the asset could continue its upside momentum. On the other hand, if the correction fails to hold this support and the price falls below $3.32, a massive sell-off could occur.

At press time, XRP’s Relative Strength Index (RSI) stands at 86, indicating that the asset is in overbought territory. That explains the ongoing correction and price dip.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.