XRP Marks First Inflow In 4 Weeks Even As ETF Approval Chances Strengthen
XRP saw its first exchange inflow in four weeks amid selling pressure, even as strengthening ETF approval chances offer potential support.Summary
XRP is currently under pressure, trading at $2.14 and continuing a month-long downtrend, with investors showing bearish sentiment as evidenced by the first confirmed exchange inflow in over a month, signaling selling.
However, this selling pressure from retail investors is contrasted by large holders (whales holding 10M to 100M XRP), who have accumulated an additional 1.1 billion XRP over the past week, suggesting long-term optimism.
The potential for a deeper correction might be averted by growing anticipation surrounding XRP ETF approvals; Bloomberg analyst Eric Balchunas noted the SEC is speeding up filing effectiveness, potentially clearing the way for Bitwise's XRP ETF. If ETF expectations strengthen, XRP could target $2.28 and $2.36, but a failure to hold support at $2.14 could lead to a drop toward $2.00.
(Source：BeInCrypto)