XRP has failed to sustain its rally from yesterday as it falls back into red yet again. Will the altcoin's fortunes never improve?
recent price surge hit a wall, leaving investors questioning what’s stalling its momentum. The cryptocurrency saw a promising 6% rise yesterday but has decreased by 2% today.from the blockchain tracker Whale Alert revealed a massive transfer of 50 million XRP tokens from Ripple Labs Inc. to an unknown wallet valued at approximately $25.7 million.
This large-scale movement follows another huge transaction last week, in which over 100 million XRP were sent to an external wallet. Typically, these Ripple dumps tend to shake XRP’s price negatively. This is because they increase the supply of XRP in the market, which can lead to downward pressure on the price if demand remains constant.revealed that XRP’s trading volume has increased slightly by 3.68%, totaling $1.41 billion, indicating a moderate rise in trading activity.
However, Open Interest has decreased by 2.93%. This decrease suggested a slight cooling off in market enthusiasm or a consolidation phase.The Long/Short Ratio across platforms showed a mix of bullish and bearish sentiments. These mixed signals suggested a cautious sentiment among traders and investors.
The contrast in Long/Short Ratios imply that while some top traders are bullish, the broader market remains divided. If the top traders’ bullish bets prove correct, we might see an upward price movement for XRP.revealed that the Ripple Fear and Greed Index stood at 54% at press time, which indicated a neutral market sentiment for XRP.
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