CandleFocus

XRP Price Outlook Grim as Traders Go Short, Exchange Inflows Increase

XRP Price Outlook Grim as Traders Go Short, Exchange Inflows Increase
The net inflows of spot XRP tokens turned positive after days of outflows, suggesting a potential intention to sell tokens on the open market and dampening the possibility of a rally. The 8-hour funding rates in XRP futures markets were negative, indicating a bias for short positions. XRP is currently trading below key moving averages, signaling a bearish short-term outlook. However, the 100-day and 200-day simple moving averages indicate a bullish longer-term trend. Immediate resistance levels are at $2.49 and $2.60, with a move past these levels potentially leading to a run to the $3 mark. The 14-day relative strength index for XRP is in the neutral zone.

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