Crypto -whales seem to return to the market with the aim of collecting as much as possible as the market experiences a free fall. Recently, the on-chain analysis company Coinglass has shown that whales and holders have shown strong interest and trust in the long term in XRP, the native token of Ripple Labs.
$ 155 million worth XRP outflow
Facts It revealed that stock markets have been an important outflow of $ 155 million to XRP tokens. This substantial outflow is a clear sign of accumulation and suggests a possible buying.
This potential accumulation was seen by an analysis company on the chain, because the Altcoin experienced a price fall of more than 16% in the last 24 hours. With this considerable decrease, XRP is currently being traded near the level of $ 2.50 and has attracted impressive participation of traders and investors, resulting in an increase of 210% in his trade volume.
Traders of XRP short -term
Intraday traders, however, seem to benefit from the current market sentiment, because they are strongly short of XRP tokens.
At the time of the press, traders are considerably used too much at the level of $ 2.50, where bulls have $ 14 million in long positions, in the conviction that XRP will not fall below this level. In the meantime, short sellers are becoming a level of $ 2.85, with $ 111 million in short positions.
This data indicates that short sellers are currently actively dominating and easily liquidating $ 14 million in long positions.
XRP Technical analysis and upcoming
According to the technical analysis of experts, XRP has violated its crucial level of support and it seems that it probably seems to continue its price decline.
Based on recent price action and historic momentum, if XRP does not have the $ 2.55 level, there is a strong possibility that it could fall by 25% to reach the level of $ 1.90 in the coming days.