Insights on XRP Market Activity

Recent trends show that net inflows into centralized exchanges for XRP have turned positive after several days of outflows. This shift indicates a growing focus on the token following a record-breaking month for its decentralized exchange (DEX).

• Over $15 million in XRP was deposited into centralized exchanges on Thursday, primarily on Bybit and Kraken, according to Coinglass data. This increase in inflows suggests potential selling intentions which could hinder price increases.

Current Pricing Structures

Despite recent inflows, XRP is trading below significant support levels. The immediate resistance is at $2.49, with further resistance at $2.60. Several key moving averages indicate a largely bearish sentiment in the short term with the following notable averages:

• 10-day EMA: $2.84
• 21-day EMA: $2.88

Higher resistance levels suggest the potential for a bullish turnaround if these thresholds are breached, particularly to reclaim the $3 mark, which was last crossed in January 2018.

Funding Rates and Market Sentiment

As of Thursday, XRP displayed a perpetual funding rate of -0.0065%, reflecting a strong inclination towards short positions, suggesting traders are ready to pay fees to maintain these bets. The negative funding rates indicate a bearish market environment, especially as XRP’s rates surpass those of both Ethereum (ETH) and Bitcoin (BTC).

Relative Strength Index

XRP’s 14-day RSI is currently over 36, placing it in a neutral zone, which aligns with historical trends of prices indicating overbought (above 70) or oversold conditions (below 30).

In summary, while recent inflows signal a renewed interest in XRP, the overarching sentiment remains cautious due to prevailing selling pressures and bearish funding rates.