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Six months of inflows are clashing with a sell-dominant CVD.
Ripple has been getting a lot of love from ETF investors lately. However, there’s two sides to every story, and traders are on the other end of the tale.
Monthly net inflows have stayed green for half a year now,September has added another $117.44 million so far. That brings total net assets to $1.77 billion. Over on the futures side, CryptoQuant’s 90-day taker CVD showed sell-dominance earlier in the month. Funding rates have, for the most part, been positive.
However, they fell massively into the deep red for a few times since late August. A look at the numbers will show dips as low as -0.018 in mid September. XRP active addresses rise, and so do reservesActive addresses rose to 29.9K, per CryptoQuant. That’s the highest in half a year, and a king’s leap from the 10.7K of mid-September.
For most of June to August, the number moved between 12.5K and 17.5K.Reserves on Binance have also been going up, now at 2.695 billionMore XRP on exchanges means more coins to be sold. The network is awake, and there’s more supply on the sell side. Where do we go from here?
First things first, a key data point to watch, is whether ETFs stay green in the following months. If that sustains, that’s steady demand.
Next, the CVD. A change back to neutral or buy-dominant would mean futures traders are finally on board. Final SummaryFutures CVD has turned sell-dominant and XRP ledger activity has increased.
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