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Home»Bitcoin»XRP Sees First Major Pullback Since November: Key Price Levels To Watch
Bitcoin

XRP Sees First Major Pullback Since November: Key Price Levels To Watch

December 12, 2024No Comments3 Mins Read
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  • XRP profit-taking intensifies during the second week of December as bullish activity calms down.
  • A summary of XRP spot flows and the status of the derivatives segment.

A little over a week ago, Ripple’s native coin, XRP, was enjoying solid bullish momentum. It even hit a new 8-month high in the first week of December, building on the momentum gained in November.

XRP has since pulled back from the recent high as traders took some profits off the table. As a reminder, XRP peaked at $2.90 on December 3. It has since returned to a weekly (so far) low of $1.90, which equates to a 20% decline.

This step back means we now have a rough idea of ​​where the last rally started and ended. Mapping a Fibonacci retracement indicator from the lower range to the upper range revealed that the price could fall between $1.41 and $1.69.

XRPXRP

Source: TradingView

The cryptocurrency was trading at $2.31 at the time of writing. This was after an unexpected pullback during Tuesday’s trading session. This suggests that investors are expecting more upside, hence the resurgence in demand.

Sustained selling pressure as market sentiment shifts from greed to fear could pave the way for further decline in XRP. An assessment of the forces of supply and demand helps paint a clearer picture of cryptocurrency demand levels.

XRP spot flows indicate that the highest spot inflows into the cryptocurrency were seen in early December. Admissions peaked at $177.33 million on December 1 and the latest admissions figure on December 10 stood at $11.35 million.

XRPXRP

source: Coinglass

Spot flows have also demonstrated a resurgence in outflows over the past 10 days. XRP outflows peaked at $155.79 million as of December 4. Total outflows over the past 10 days have been higher than inflows, reflecting the decline over the same period.

What about the situation in the derivatives segment? Well, according to Coinglass, XRP saw a surge in negative funding rates on December 11th. A sign that there has been an increase in short sellers with bearish expectations growing.

XRPXRP

Source: Coinglass

Negative funding rates emerged after days of declining positive funding rates. This is a sign that previously robust demand has calmed.


Read Ripple (XRP) Price Prediction 2024-2025


These observations along with the increase in spot flows indicate a growing possibility that XRP could continue its descent.

However, traders should keep an eye out for potential changes, including demand-inducing events that could help XRP bulls. Extreme volatility is expected along the way, as was the case on Tuesday due to liquidations.

Next: RAY breaks out of the bull pennant: is a 35% rally possible?



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