XRP has experienced a 9% decline in its value following an all-time high of $3.41 reached on January 16, driven by increased profit-taking activities impacting its price.
On-chain measurements of XRP’s Network Realized Profit/Loss (NPL), as reported by Santiment, show consistent positive values over the past week. This indicates that XRP holders are selling their tokens at a profit, contributing to increased market supply without matching demand, resulting in downward pressure on the price.
The Exchange Flow Balance metric, which tracks the net movement of coins in and out of exchanges, confirms a 105% increase in token sales since January 17. This suggests traders are preparing to sell, heightening selling pressure.
The cryptocurrency trades at $3.09, with market predictions forecasting further decline towards $2.45 unless profit-taking reduces and buyers step in to support a recovery toward the all-time high.
Sursă: nl.beincrypto.com ↗