Convergence

Flow

Divergence

<ul>
 <li>Ripple (XRP) supply on exchanges hits the lowest level since January at 2.84 million XRP.</li>
 <li>XRP’s recent price action shows a 12% decline over the past month.</li>
 <li>Technical indicators, such as the Chaikin Money Flow (CMF) and Moving Average Convergence Divergence (MACD), suggest that the bears maintain control over XRP’s price.</li>
</ul>
The total number of <a href="https://thenewscrypto.com/?s=Ripple" target="_blank" rel="noopener noreferrer nofollow">Ripple</a> (XRP) tokens held across various cryptocurrency exchanges has reached a major milestone, with the current supply amounting to 2.84 million <a href="https://thenewscrypto.com/?s=XRP" target="_blank" rel="noopener noreferrer nofollow">XRP</a>, which is equivalent to $1.34 million at current market prices.
This figure represents the lowest amount of <a href="https://coinmarketcap.com/currencies/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP </a>tokens held on exchanges since the beginning of the year, indicating a potential shift in investor sentiment and market dynamics.
<h2 class="wp-block-heading" id="h-xrp-experiences-reduced-sell-offs">XRP Experiences Reduced Sell-offs</h2>
<figure class="wp-block-image size-full"><img decoding="async" width="850" height="288" src="https://thenewscrypto.com/wp-content/uploads/2024/06/image-125.png" alt="" class="wp-image-101807" srcset="https://thenewscrypto.com/wp-content/uploads/2024/06/image-125.png 850w, https://thenewscrypto.com/wp-content/uploads/2024/06/image-125-300x102.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/06/image-125-768x260.png 768w" sizes="(max-width: 850px) 100vw, 850px">
</figure>
As of the time of writing, the token’s supply on exchanges has dipped to 2.84 million XRP, marking the lowest level observed since January 1. When the supply of an asset on exchanges decreases, it signifies that the total amount of the asset held on cryptocurrency exchanges has diminished.
Several factors could contribute to this phenomenon, such as investors opting to hold their tokens in hardware wallets, staking on decentralized finance platforms (DeFi), or generally refraining from selling their holdings in anticipation of a future price rally.
However, XRP’s recent price action has not provided any concrete evidence of a significant rebound in the near term. Currently, XRP is trading at $0.47, having experienced a 12% decline in value over the past month.
To put things into perspective, the altcoin revisited its year-to-date low of $0.46 on June 24, marking the second occurrence of this price level in the current month alone.
The persistent decline in XRP’s value can be partially attributed to the substantial losses incurred by its holders in recent times. For instance, the daily ratio of transaction volume in profit to loss (calculated using a 30-day moving average) currently stands at 0.88.

Ripple Supply on Exchanges Hits Lowest Level Since January: XRP Price Reacts

Table of Contents

TheNewsCrypto

Other articles published on Jun 25, 2024

58 Million XRP in 24 Hours: What's Happening?

XRP Holders Up 60% After Buying Into This New Altcoin! Will TON Holders Follow?

Pompliano predicts that Bitcoin will protect the wealth created by AI

Latin American Crypto Markets Favor Stablecoins Over Bitcoin, Kaiko Research Reveals

Mt Gox repayments to creditors may not affect Bitcoin as expected

ENSO Secures $4.2M in Funding

Join our free newsletter for daily crypto updates!