XRP, sharp decline in new wallets...“Outlook for further rise unclear”
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- It was reported that the number of new wallet creations for XRP sharply dropped from 11,058 to 3,930.
- Sell signals from long-term holders were detected, suggesting possible downward pressure on price.
- Nonetheless, XRP is currently recording a 2.44% increase.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Negative indicators have been detected for XRP. The number of wallet addresses on the XRP network has shown a sharp decrease.
On the 21st (KST), cryptocurrency specialized media BeInCrypto reported, citing data from Santiment, that the number of new wallets created on the XRP network plummeted from 11,058 to 3,930 over the past 48 hours.
Typically, a surge in the number of new wallets indicates strengthening investor sentiment for cryptocurrency, whereas a decrease in new wallet addresses suggests worsening sentiment.
Furthermore, sell signals from long-term holders have also been detected. The net position change of XRP holders posted a negative figure for the past two trading days. The media outlet analyzed, “This means that long-term holders have sold,” and added, “The decision by long-term holders to sell could put downward pressure on the price of XRP.”
However, despite these concerns, XRP is currently in an uptrend. As of 1:58 PM on this day, XRP was trading at $3.50 on CoinMarketCap, up 2.44% from the previous day.
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