Current market analysis for XRP token indicates negative signals in both derivatives and spot markets. This article examines the reasons for decreasing trading activity and potential future outlooks.
Bearish Signals in Derivatives
The derivatives market has shown sell signals. One of the clearest indicators is the taker buy-sell ratio, which fell to 0.84 on September 14—its lowest in a month. This indicates sellers are firmly in control.
Weakness in Spot Demand
On the spot market, demand is not providing support either. Data from Binance shows that withdrawal transactions, which are often a proxy for long-term accumulation, have drastically decreased. From over 15,000 transactions on September 11, it has fallen to under 500.
Correction Before a Rally?
The combination of aggressive futures selling and disappearing spot demand implies potential short-term pain for XRP. Historically, XRP has required a correction before establishing stronger bullish patterns, and the current situation may be similar.
The collection of signals indicates that traders should brace for further pressure on XRP before the token can attempt another move higher.
