2 Bullish Signals for Ripple’s XRP Despite Ongoing Correction
Ripple’s native cross-border token was rejected at over $1.60 yesterday and has dropped by over 10% since that local peak to $1.45 as of press time.
Nevertheless, there are a couple of positive signs for its short-term price movements, including the reactivation of whale wallets.
2 Bullish Signs
The spot XRP ETFs in the United States had entered their worst streak in terms of consecutive daily net outflows (or lack of any flows) that lasted nearly two straight weeks – from March 5, when investors pulled out just over $6 million, to March 16, when the withdrawals were just shy of that number. In the meantime, there were two days with zero reportable activity.
However, that negative trend was finally broken yesterday as the funds attracted $4.64 million – the highest single-day figure since March 3. As such, the total net inflows have remained above $1.2 billion.
Spot XRP ETF Inflows. Source: SoSoValue
The second positive news for the XRP Army comes from whales. After a prolonged period of lack of any substantial activity, these large market participants have resumed their accumulation spree. Citing data from Santiment, Ali Martinez asserted that they have bought 200 million tokens in the past two weeks. In terms of USD, this stash is worth roughly $300 million at current prices.
XRP Price Rejected
Yesterday’s positive net inflow day for the ETFs, aligned with the accumulation from whales and the overall market-wide resurgence, led to an impressive rally for XRP. The token surpassed BNB in terms of market cap after it jumped to a monthly high of around $1.63.
Although analysts began praising the move and setting new big targets ahead, XRP was rejected at that point and driven south by over 10%. It currently struggles to remain above $1.45. This correction comes despite the recent expansion news from the company behind the asset, as well as the fact that the top traders on Binance have been “quietly buying XRP long positions,” according to data from popular analyst CW.
The post 2 Bullish Signals for Ripple’s XRP Despite Ongoing Correction appeared first on CryptoPotato.
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