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XRP Profit-Taking Divergence Signals More Pain Ahead for Ripple’s Price

Ripple’s XRP skilled a modest revival final week, however its momentum was halted at $2.40, and the asset now struggles beneath $2.30.

What’s extra worrying about its potential within the following weeks is the conduct of whales and long-term holders, because the latter cohort of buyers has been exhibiting a quite totally different method than in earlier cycles.

Glassnode has repeatedly indicated that XRP holders used to comprehend income throughout rallies up to now, such because the run to the brand new all-time high in July this yr or the surge to $3.40 in January.

However, they’ve modified their tune now, and so they have been disposing of considerable parts of their token holdings because the asset’s value has been on an evident decline since late September.

This aligns with different reviews informing that whales are promoting en masse. The newest one got here yesterday, which showed that 500,000 tokens had been offloaded within the span of simply 48 hours.

The timing now could be fairly intriguing and maybe sudden due to the developments on the ETF entrance. According to the newest information on the matter, quite a few corporations have up to date their S-1 filings with the US SEC to take away “delayment amendments.”

This change permits the ETF in query to launch straight after a 20-day interval, except the Commission objects. The first such product that has an opportunity is Canary Capital’s software, which might see the light of day as early as this week (November 13).

Consequently, the conduct of whales and long-term holders could possibly be a traditional “buy-the-rumor, sell-the-news” method, wherein they anticipate XRP’s value to dump after the ETFs lastly launch.

The submit XRP Profit-Taking Divergence Signals More Pain Ahead for Ripple’s Price appeared first on CryptoPotato.

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