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XRP Price Drops to 10-Day Low as Whale Demand and ETF Flows Fade

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Somewhat expected following the new wave of attacks in the Middle East, the cryptocurrency market has headed south again, and Ripple’s cross-border token is no exception.

While the short-term picture remains bleak, according to on-chain data, there are some charts providing more hope on the macro scale.

XRP Slips Again

The price of the cross-border token plummeted at the start of the month to $1.01 for the first time in nearly two years amid the market-wide crash. It rebounded swiftly in the following days and even challenged the $1.20 resistance, where it was rejected and pushed south to under $1.10 within days.

The past week or so has been a lot less eventful, as the asset spent it trading sideways between $1.09 and $1.12. The support level gave in on Monday morning, though, as the market priced in the new attacks between the US and Iran. Ripple’s coin slipped to just under $1.07 for the first time since the aforementioned low earlier this month.

Aside from market weakness, another possible reason for the asset’s retreat is ETF activity. After nine consecutive weeks of net inflows, that streak was finally broken last week, with over $7 million leaving the funds.

There’s more, though: on-chain data from Santiment and Ali Martinez suggests that whale activity on the XRP Ledger has “cooled significantly.” The number of large transactions worth over $1 million is down from 70 to just 2 in about a week.

Previously, Santiment also noted the XRP Ledger activity had “gone unusually quiet,” with newly created wallets dumping to their lowest levels in almost two years.

Still Major Price Targets

CRYPTOWZRD commented on XRP’s latest price moves, indicating that it had closed “indecisively.” The analyst expects to see “further upside” if Ripple’s token gains some traction against BTC, which hasn’t been the case for a long time.

Meanwhile, EGRAG CRYPTO remains highly bullish on the token’s long-term perspective. In a recent post on X, he noted that history might be rhyming for XRP, as there are several signs suggesting that the macro bottom is in.

“The macro bottom may already be behind us. Now we need a bounce toward the 50-MA (about $1.60), a healthy rejection, a retest of the 618 (0.5 Fibonacci zone), and that retest will become the make-or-break accumulation zone before the next impulsive move higher. In my view, this would complete a double-bottom lower low and set the foundation for the next macro rally for XRP.”

EGRAG outlined some major targets for that long-term rally, including up to $31 in some extreme cases. Other, more modest numbers include $15, $9, and $5-$6.50.

Prispevek XRP Price Drops to 10-Day Low as Whale Demand and ETF Flows Fade appeared first on CryptoPotato.

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