XRP Sees 3.24% Gain Amid Bearish Trend; High Whale Ownership Noted

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In Brief

XRP, the cryptocurrency behind Ripple, has seen a notable price increase of 3.24% in the last 24 hours. Despite this increase, the market continues to be in a bearish trend. The current trading price is at 0.49 USD. Although the market capitalization has risen by 3.08% to 27.4 billion USD, the analysis of various indicators suggests that the market may be set for further declines.

Why the Price Increase Doesn’t Save XRP

XRP recently experienced a price surge, but it was not enough to reverse the ongoing bearish trend. A detailed analysis shows that despite the price rise to 0.51 USD on June 15, the selling pressure remains high, as evidenced by the Relative Strength Index (RSI) of 45 and the negative Chaikin Money Flow (CMF) of -0.05. These indicators point to continued selling pressure, which is likely to lead to further price declines.

What the Metrics Indicate

The analysis of Santiment data reveals that XRP is experiencing a continuous decline in exchange outflow, indicating a reduction in withdrawals from exchanges to wallets. A high outflow would typically drive up prices due to scarcity, while reduced outflow leads to lower prices. In addition, the analysis shows that whales, holding over 5 million USD in XRP, now own 52% of the total supply, which increases price volatility and reinforces the bearish trend despite the recent price increase.

What’s Next for XRP?

Although XRP has seen a price increase of 3% in the last 24 hours, the metrics suggest that the bearish trend will continue. The continuous decline in exchange outflow, a negative CMF, and an RSI of 45 point to continued selling pressure, which is likely to lead to further price declines.

Our Assessment

XRP’s recent price performance might be of interest to short-term traders, but the underlying indicators point to a continuation of the bearish trend. Long-term investors should keep these indicators in mind and adjust their strategy accordingly. It remains to be seen whether future developments in the crypto market or specific news regarding Ripple can lead to a trend reversal.

Sources: Santiment, TradingView

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