XRP Sees Positive Exchange Inflows Amid Increased Short Positioning
Net inflows to spot XRP tokens turned positive after previous outflows, following a record month for its decentralized exchange (DEX).
- Over $15 million in XRP moved to centralized exchanges on Thursday, primarily to Bybit and Kraken.
- Spot inflows may indicate intentions to sell on the open market, potentially limiting price rallies.
- XRP perpetual futures markets showed negative 8-hour funding rates at -0.0065%, indicating a preference for short positions.
- XRP trades below key moving averages: 10-day EMA at $2.84 and 21-day EMA at $2.88, suggesting a bearish short-term outlook.
- 100-day SMA is just above $2 and 200-day SMA at $1.30, indicating bullish long-term trends.
- Immediate resistance levels are at $2.49 and $2.60; breaking these could lead to movement towards $3.
- XRP's 14-day RSI was just over 36, placing it in the neutral zone.