The post Are XRP Prices Facing Downward Pressure? appeared on BitcoinEthereumNews.com.

XRP‘s price trajectory appears to be faltering as selling activity intensifies across the cryptocurrency landscape. A notable rise in short positions on XRP indicates a prevailing bearish outlook among traders. Moreover, a significant increase in cash inflow to centralized exchanges hints that market participants are leaning towards liquidating their holdings. What’s Behind the Rise in Inflows for XRP?Is XRP Trading Below Important Levels? What’s Behind the Rise in Inflows for XRP? Recently, centralized exchanges witnessed a shift, with XRP experiencing positive inflows for the first time in several days. This development, totaling approximately $15 million in XRP deposits across platforms like Bybit and Kraken, signals a trend where investors choose to sell their assets. Is XRP Trading Below Important Levels? Currently, XRP is trading beneath several crucial moving averages, including a 10-day exponential moving average (EMA) of $2.84. This positioning suggests a continuation of the short-term downward trend, even as long-term indicators show some promise with support levels at $2 and $1.30. Rising inflows to exchanges indicate increased selling activity. Funding rates for XRP futures are negative, reflecting bearish sentiment. XRP is trading below significant moving averages, reinforcing short-term downtrends. Long-term support levels remain intact, providing some optimism. As the market navigates these challenges, the nearest resistance levels for XRP stand at $2.49 and $2.60. Breaking through these barriers may lead to a potential rally towards the $3 mark, especially notable after XRP exceeded this threshold for the first time since 2018 earlier this year. Current technical indicators also reflect a balanced market, with no extreme conditions present. Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research. Source: https://en.bitcoinhaber.net/are-xrp-prices-facing-downward-pressure

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Filed under: News - @ February 6, 2025 4:26 pm