XRP Rally Fails As Holders Book Premature Profits
XRP's sharp rally stalled near 18.7% as short-term holders took profits, causing the price to settle near $1.53.Summary
The XRP price experienced a significant surge, nearly achieving an 18.7% intraday gain before giving up half of those advances to close with a 9% rise near $1.53. This failure to sustain momentum is attributed to premature profit-taking by holders, evidenced by consistent inflows to exchanges signaling intent to sell.
Data metrics like the MVRV Long/Short Difference suggest that short-term holders currently dominate unrealized profits, making them quick to sell during rallies and suppressing sustained breakouts. This behavior reinforces consolidation near resistance levels.
For XRP to regain upward traction, immediate support at $1.51 must hold, with resistance seen near $1.62. A decisive move above $1.62 could target $1.76, but continued selling from short-term holders risks pulling the price back toward $1.36.
(Source：BeInCrypto)