The XRP market is seeing a wave of anticipation ahead of the REX-Osprey ETF launch. However, active sales from large investors are causing concerns.
Santiment's Data on XRP Sales
According to recent data from Santiment, wallets holding between 10 to 100 million XRP sold over 40 million XRP in just one day. These sales follow a trend of distribution among major holders.
Market Direction of XRP
Analysis of order books on exchanges like Binance, Coinbase, and OKX revealed substantial sell orders at the $3.05 price point. Meanwhile, whales have established short positions ranging from $3.3 to $3.6, inhibiting price growth. Insights from CryptoQuant indicate persistent sale pressures, suggesting potential price corrections that in the past led to declines to around $2.70.
Key Takeaways from Current Market Situation
Despite the pressures, XRP's price has seen a slight uptick to approximately $3.05. Trading volume also saw a 40% increase. However, Coinglass data indicates a reduction in open XRP futures positions, signaling caution among traders. Key points include:
* Large investors offloaded 40 million XRP, reflecting ongoing selling trends. * SEC's postponed decision on the XRP ETF adds uncertainty. * XRP's price stands around $3.05 amid increased trading volume. * Open futures positions are decreasing, indicating trader caution.
With ongoing sales from major holders and market expectations in question, future price movements for XRP remain uncertain.
