Recently, very interesting things have been happening in the XRP market. I read that investors withdrew tokens worth nearly $950 million from exchanges. This is usually considered a bullish signal, as people move assets to personal wallets for long-term storage.
But, as I saw, despite this huge outflow, the price of Ripple recently fell, breaking the support level of $3.07. I think this can be explained by the fact that some large holders were selling their assets, which intensified the downward trend.
But there is good news: I noticed that active accumulation is currently underway. In the past week, investors bought over 312 million XRP, indicating their optimism about future growth. Although long-term holders have started buying again, they have not yet bought back all the volume they sold earlier. It seems to me that this caution shows that there is currently no strong pressure from buyers, and in the short term, this may keep the price stable.
For the situation to change for the better, XRP needs to return above the support level of $3.12. This will be a strong signal for a reversal.
