CandleFocus XRP Sinks As Traders Cash Out $1.84 Billion Over the Past Week
2024-11-27
Author: Content Editor
XRP experienced a selling surge after reaching a three-year high, resulting in a 13% price drop. On-chain data shows a significant increase in profit-taking activity, indicating a potential continuation of the price decline. XRP's long-term holders have contributed to the downward pressure by selling their assets, as reflected in the decline of the Mean Dollar Invested Age (MDIA) metric. The percentage of XRP supply in profit has crossed 90%, indicating that the majority of holders are currently making a profit. If sustained profit-taking continues, XRP's price may test support at $1.33, and if it fails, the downward trend could extend to $1.28. However, if buying activity resumes, the bearish projection may be invalidated, and XRP could revisit its three-year high.
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