Investors Sell Off XRP
Date: 2024-11-28 Author: Henry Casey Categories: CRYPTO PAYMENTS
On-chain data analysis shows a sharp increase in realized profits for XRP: over the past week, the figure reached $1.84 billion, which is a record since April 2021. According to Santiment, such activity indicates that investors are selling assets at a significant profit. Selling at a profit usually occurs during periods of high market activity.
Long-term Ripple holders took advantage of the token’s price increase to take profits, as evidenced by the decrease in the MDIA indicator (the average age of tokens on the blockchain). The fall in MDIA, combined with the rise in the price, indicates a massive sell-off by large investors, which increases pressure on the XRP price and provokes bearish sentiment.
At the time of writing, XRP has risen 6% in 24 hours to $1.42, surpassing the support level of $1.33. However, there are risks of further decline to $1.28 if the profit-taking trend continues.
At the same time, buying activity may give Ripple a chance to approach the three-year high of $1.63 again, which will cancel the bearish scenario.
