LONDON (IT BOLTWISE) – Cryptocurrency XRP is under significant pressure as short-term investors take advantage of the opportunity while long-term investors dump their holdings. Despite the recent buying, the price remains below critical resistance levels, indicating ongoing uncertainties in the market.
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The cryptocurrency XRP is currently in a tense situation. In the last few weeks the price has fallen by almost 8% and although the last 24 hours did not bring any further losses, the stability is deceptive. Analysis of chart and on-chain data shows that XRP is under significant pressure, although some investors continue to take advantage of the opportunity to buy at low prices.
A closer look at HODL Waves, an indicator that shows the distribution of XRP held over different time periods, reveals that two short-term investor groups have been steadily accumulating XRP in October and November. Wallets holding XRP for 1 to 3 months controlled 8.94% of the supply on October 16th, while this share increased to 9.17% by November 14th. Another group that holds XRP for 1 week to 1 month increased its stake from 3.74% to 5.53% over the same period.
These purchases indicate that short-term investors are speculating that the price will recover soon. However, despite these efforts, buying pressure does not appear to be strong enough to sustain the price. A key reason for this is aggressive selling by long-term investors. The Hodler Net Position Change, an indicator that measures the inflows and outflows of XRP into long-term wallets, showed a strong negative flow on November 3 as 102.50 million XRP were removed from wallets. By November 14, this number had risen to 181.50 million XRP, representing a 77% increase in selling pressure in less than two weeks.
On the chart, XRP continues to struggle to clear $2.26, a strong 0.618 Fibonacci resistance level. The attempt to increase the price is weakened by rapidly decreasing cash inflows. The Chaikin Money Flow (CMF), which measures buying and selling pressure, has declined since November 10 and is now at -0.15, indicating net outflows. If the CMF remains negative and breaks through a support line at the same time, upside attempts usually fail.
If weakness continues, XRP is at risk of losing $2.17, which would result in a deeper decline towards $2.06. A break below $2.06 would negate any short-term bullish attempts. To regain momentum, a clear daily close above $2.38 would be needed, a level that has already rejected the price multiple times this month. A breakout could open the path towards $2.57 and turn the short-term structure in a bullish direction.
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