XRP Buyers Pull $300 Million Off Exchanges; But Risk From Long-Term Holders Remain
XRP buyers withdrew $309 million from exchanges, contrasting with potential selling pressure from long-term holders near a critical indicator threshold.Summary
XRP is struggling near the $2.00 support level, facing uncertainty due to opposing market forces. On the bearish side, the Long-Term Holder Net Unrealized Profit/Loss (LTH NUPL) indicator is nearing 0.5, historically preceding significant price corrections if it drops further, suggesting long-term holders might begin profit-taking.
Conversely, exchange data shows optimism, with investors withdrawing over 140 million XRP (worth about $309 million) in the past week, indicating accumulation. For XRP to stabilize above its current price of $2.21, this buying trend must persist to counteract potential long-term holder selling.
If selling pressure intensifies, XRP could fall toward $2.00, breaking supports at $2.13 and $2.02. A successful rebound requires breaking resistance at $2.27, aiming for $2.35, with a decisive move past $2.54 confirming a recovery.
(Source：BeInCrypto)