32 Million Tokens Enter the Exchange, XRP Price Threatened to Drop 15%
2024-10-10
Bittime - XRP is facing selling pressure with a potential drop below $0.52, driven by the flow of 32 million tokens to exchanges and a drop in the Realization Limit. However, XRP ETF adoption may trigger a price recovery. This is the explanation!
XRP Price Threatened to Crash
According to the daily chart assessment, XRP price is approaching an important support threshold at $0.52.
Nevertheless, the token remains below the 20-day Exponential Moving Average (EMA). EMA 20 (blue) is a technical tool used to measure the short-term trend of crypto assets.
At the moment, XRP price might fall below $0.49 and it might fall by fifteen percent to reach $0.45. However, if investors can prevent it from falling below the $0.52 floor, the token price may rise again.
The recovery could also be influenced by the market's response to increased adoption of XRP ETFs. While the market response to the latest filing has been less than robust, additional filings could change the situation. In such a situation, XRP may rise to a price of $0.60.
XRP Realization Limit Decreases
If the Realized Limit increases, it usually indicates that the coin is being sold at a higher price than it was purchased at.
However, in the case of XRP, the Realized Limit is decreasing, indicating that investors who bought XRP at a higher price are now exiting their positions at a loss.
Because of this, potential investors who want to buy may feel pressured, which may cause the price of crypto assets to fall again.
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32 Million Tokens Enter the Exchange
On October 9, data from the CryptoQuant analytics platform showed that the number of tokens sent to exchanges reached 32.36 million, indicating the possibility that XRP will fall below its current price.
Exchanges track the number of tokens sent to centralized platforms from external wallets. In most cases, sending tokens to exchanges indicates investors are unwilling to HODL.
Conclusion
The decrease in the XRP realization limit and the flow of 32 million tokens to exchanges increased selling pressure. However, XRP price may recover if it remains above $0.52 or there is strong support for XRP ETF adoption.
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