US spot XRP funds posted their largest single-day outflow since March, while wallets holding large amounts of XRP kept growing. The token trades near $1.04, and the $0.99 support level now decides whether the pullback deepens or stalls.
The US spot XRP funds lost $10.42 million on Nov 9, according to SoSoValue data. That was the largest single-day outflow since March 9. Redemptions continued the next day, when another $7.62 million left the funds.
Large wallets keep buying as funds sell
On-chain data tells a different story. Santiment counts about 343,500 wallets holding at least 10,000 XRP, up about 5% since Feb 9. That growth came even as XRP lost roughly 30% over seven weeks.
However, leverage has cooled on Binance. Analyst Arab Chain put the exchange's estimated leverage ratio for XRP near 0.14, a three-month low. Retail traders remain gloomy, with bearish comments outnumbering bullish ones about 2 to 1, a setup Santiment reads as one that often comes before rebounds.
XRP sits below both long averages
XRP changed hands near $1.04 on Thursday, flat over 24 hours after falling about 20% over the past week.
The token trades below its 50-day moving average near $1.27. It also sits under its 200-day average near $1.34. Cryptodaily reads that as a downtrend led by sellers.
Meanwhile, RSI sits near 23 on the daily chart, and anything below 30 counts as oversold. But MACD remains below its signal line, which means momentum still points down.
The $0.99 floor decides the next move
Support on the daily chart sits near $0.99, and a slide from the current price to that level would be a roughly 6% drop. Santiment expects a break under the dollar mark, paired with fading wallet growth, to spark a brief selloff.
Overhead, the first resistance sits near $1.20, and Santiment's rebound target is $1.10 to $1.15. A close under the floor, with stalling wallet growth and more ETF redemptions, would extend the selloff.
Source: Crypto Daily
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