XRP Price Analysis: Spot Inflows Bump for Ripple Token as Traders Go Short
XRP has seen a shift in its market dynamics as net inflows to centralized exchanges have turned positive, following a period of outflows. This inflow may signal an intention among traders to sell, with XRP currently trading below key support levels. Immediate resistance levels are at $2.49 and $2.60, and breaching these could pave the way for a rally towards $3. On the futures markets, XRP's 8-hour funding rates are negative, suggesting a bearish bias as traders hold short positions. The token is trading below several key moving averages, indicating a bearish short-term outlook, although longer-term trends remain bullish with the 100-day and 200-day simple moving averages positioned below the current price. The token's Relative Strength Index (RSI) is slightly over 36, indicating a neutral market position, while continued monitoring of inflows and market sentiment will be crucial for future price movements.
Source đź”—