XRP, a cryptocurrency gaining significant traction recently, reached a new all-time high during the latest altcoin rally but soon fell below the $3 mark.
New All-Time High for XRP
XRP established a new ATH during the latest altcoin market surge, which was initiated by Ethereum. However, despite this growth bringing optimism to the market, XRP faced a corrective phase shortly thereafter.
Market Trend Analysis
CryptoQuant analyst known as The Enigma Trader pointed out that the current market state remains unstable. He noted that the flow from large XRP wallets has sharply declined, indicating increasing selling pressure from coin holders. Additionally, he remarked on the observed outflows from large wallets, similar to patterns seen before previous price corrections.
XRP's Outlook for the Coming Days
The analyst expressed that unless the average daily net inflow from whales exceeds 5 million XRP, the market will maintain structural weakness, making a positive reversal challenging. The trends observed in January and February also indicate that this situation could lead to sustained price pressure on XRP.
In conclusion, despite achieving historical highs, the situation in the XRP market remains tense, and the coming days will be critical in determining further price trends for the cryptocurrency.
