- More XRPs have been unlocked recently.
- The price has continued to fall.
Recent data indicates substantial mining of Ripple [XRP] tokens at the beginning of the month.
This development is likely to evoke mixed reactions from traders, especially considering that XRP recently crossed a crucial zone in its price trend.
Half a billion Ripple unlocked
According to a recent report from Whale alertXRP has unlocked 500 million XRPs. The unlock was valued at around $240 million at the time of writing.
The direction in which these newly unlocked tokens will flow was still being determined at the time of writing.
Ripple sees the death cross
AMBCrypto’s analysis of Ripple’s price trend indicated a weakening trend, especially at the close of trading on April 30.
The map revealed an important development: a ‘death cross’, marked by the yellow line crossing below the blue line. This usually indicates a bearish trend.
This crossing coincided with XRP’s decline to the $0.5 price range, reflecting a decline of 2.82%.
At the time of writing, XRP continued to fall, down more than 3%, trading around $0.48.
Resistance levels are observed at around $0.57 and $0.58, where the yellow and blue lines intersect.
Source: trading view
The Relative Strength Index (RSI) suggested that XRP could soon enter the oversold zone, with the RSI sitting below 35 at the time of writing. This further underlines the bearish sentiment surrounding XRP.
XRP sees an imbalance in the exchange flow
Ripple Exchange flow analysis indicates a notable increase in inflows compared to outflows on April 30.
This suggested that more XRPs were being transferred to exchanges for potential sale than were being withdrawn. Typically, more withdrawals are considered bullish signals, indicating reduced interest in selling.
Specifically, the chart showed that the inflow volume increased to over 51.6 million XRPs on April 30. In contrast, the highest outflow volume observed during the same period was over 33.2 million XRPs.
This substantial difference, of over 17 million XRPs, underlines the remarkable imbalance between inflows and outflows.
Source: Santiment
Realistic or not, here is the market cap of XRP in terms of BTC
At the time of writing, XRP inflows had dropped to around 3.2 million. For comparison: the outflow volume was approximately 7.5 million.
Despite the decline in inflows and outflows, the relative imbalance persists, indicating that there is still interest in selling XRPs.