Will 1 Billion XRP Supply Wall Bar Price From Recovering February Losses?
BeInCrypto
XRP's recovery is currently limited by a significant supply wall around $1.57-$1.59, coupled with signs of network overvaluation and fading transaction activity.Summary
XRP is trading at $1.40, facing resistance due to three bearish indicators: rising Network Value to Transactions Ratio (NVT) suggesting overvaluation (currently at 202, similar to previous correction points), collapsing on-chain transaction volume since mid-March, and a major supply barrier overhead. A concentrated cluster of approximately 1 billion XRP holders who acquired their tokens between $1.57 and $1.59 presents significant break-even selling pressure as the price approaches this zone. While the $1.33 Fibonacci level acts as crucial support, overcoming the $1.55 level and the descending EMA at $1.42 is necessary to test the February high at $1.67 and invalidate the current bearish outlook.
(Source：BeInCrypto)