XRP’s exchange reserves continue to rise, suggesting higher selling pressure and further price decline, in the coming days.
If XRP closes a daily candle below the $0.545 level, it could potentially decline to $0.464.on-chain metrics are flashing bearish signals. Since the 14th of September, the token has been in a consolidation zone between $0.558 and $0.598.Traders and investors consider an increase in exchange reserves a potential sell-off signal, as it indicates that whales and institutions are moving their holdings to exchanges for potential sell-offs, thereby increasing exchange reserves.
Meanwhile, XRP’s trading volume during the same period has dropped by 4.8%, indicating lower participation from traders, potentially due to the ongoing price correction.AMBCrypto’s technical analysis suggests that XRP is in an uptrend as it trades above the 200 Exponential Moving Average on a daily time frame.
The 200 EMA is a technical indicator that traders and investors use to determine whether an asset is in an uptrend or downtrend.Given the recent increase in XRP’s exchange reserves, it will be very crucial to understand whether the token will rally or crash in the coming days. Based on the price action, if XRP breaks out of this consolidation zone and closes a daily candle above the $0.60 level, there is a high possibility it could soar to the $0.72 level.
However, if it breaks down from this consolidation zone and closes a candle below the $0.545 level, it could potentially decline to the $0.464 level.This negative outlook is further supported by the on-chain metrics, According to the on-chain analytics firm Coinglass, XRP’s Long/Short Ratio was 0.955 at press time, indicating bearish market sentiment among traders.
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