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XRP Faces More Downside Pressure? Binance CVD Reveals Sellers Are Still in Control

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Two troubling headlines rattled the crypto market over the past day. Nvidia CEO Jensen Huang admitted to an affair with a woman suspected by US officials of spying for China. Meanwhile, Marco Rubio said Iran negotiations had stalled. Several top assets suffered significant pullbacks; XRP, for one, fell by almost 7% over the past 24 hours.

As the struggle near $1.1 continues, CryptoQuant’s Cumulative Volume Delta (CVD) indicator on Binance stands at approximately -4.33 million XRP.

Buying Demand Struggles

The negative reading means market sell orders are outweighing market buy orders, indicating a bearish bias in trading activity. Sellers continue to execute more market orders than buyers, and the pressure is becoming more noticeable with XRP trading at relatively low price levels.

The 30-day average CVD stands at nearly 0.70, which creates a divergence from the current cumulative reading. For now, the balance of trading activity favors sellers, and the crypto asset could remain under pressure if this trend continues without enough buying demand to absorb it.

However, CryptoQuant explained that a negative CVD reading does not automatically mean traders are opening fresh short positions. Selling activity can also come from traders closing existing positions or liquidating their holdings.

Four-Day Inflow Drought

Whale accumulation has also failed to support XRP’s price. On the institutional side of things, spot XRP exchange-traded funds started November on a weak note after attracting nearly $19 million in net inflows during October. While that was enough to keep them in positive territory, it marked their second-worst month for inflows. The funds also failed to help XRP’s price make any gains during the month. Things have become even quieter since November began.

On the 2nd, investors withdrew nearly $530,000 from the funds, possibly as markets continued to deal with the fallout from the Binance hack. The following four trading days brought no fresh inflows or outflows, as SoSoValue reported $0.00 in net flows on Tuesday, Wednesday, Thursday, and Friday. This was the first time the XRP ETFs had recorded four consecutive days without reportable activity since August.

Pranešimas XRP Faces More Downside Pressure? Binance CVD Reveals Sellers Are Still in Control appeared first on CryptoPotato.

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