XRP price news: Ripple-linked token holds $1.34 as supply tightens
XRP maintains a price of $1.34 despite significant supply reduction, but struggles to break through resistance.Summary
XRP is currently trading around $1.34 following a slight increase, despite a substantial outflow of approximately 7.03 billion tokens from exchanges in February, which has tightened the available supply. Trading volume is 29% above the weekly average, but the price has repeatedly failed to surpass the $1.34 to $1.35 range, indicating continued selling pressure. Analysts suggest this discrepancy between decreasing supply and limited price movement usually results in a more significant price swing. Key support levels are identified between $1.31 and $1.32, with a potential upside target of $1.42 if resistance is broken. The situation highlights a mismatch between tightening supply and a lack of price expansion, suggesting either strong positioning by traders or a lack of conviction.
(Source：CoinDesk)