XRP Flashes a Bottoming Signal; Yet the Price Recovery Looks Delayed
Despite short-term holder capitulation, XRP's price recovery is delayed due to incomplete long-term holder selling pressure.Summary
The XRP price is trading near $1.90, showing a 9% drop in 24 hours and a 19% decline over 30 days. While the short-term holder Net Unrealized Profit or Loss (NUPL) has hit a yearly low of -0.30, signaling capitulation seen in previous bounces, a recovery has not materialized. The missing factor is indicated by the spent coins data, which tracks movement across all holder groups. A major capitulation event in early November saw spent coins spike by 416% before a bottom formed. Currently, the spent coins metric shows only a 112% increase during the recent dip, suggesting the washout phase for long-term holders may not be complete, necessitating further downside.
Technically, XRP sits near the crucial $1.95 support level; a daily close below this exposes the next support zone near $1.57. Furthermore, there is a risk of a bearish crossover as the 100-day EMA approaches the 200-day average. For XRP to show immediate strength, it must reclaim $2.08, followed by $2.26, to invalidate the current bearish trend.
(Source：BeInCrypto)