XRP Coin Faces Increased Downside Risks Amid Major ETF Outflows
- Spot XRP ETFs experienced a net outflow of $53.31 million, marking their second consecutive outflow.
- Grayscale’s GXRP ETF accounted for $55.39 million in redemptions, while Franklin’s XRPZ saw inflows of $2.07 million.
- Over the last day, more than $11 million in XRP was liquidated as selling pressure increased from whales and long-term holders.
- Current XRP trading price is $1.89, with an intraday low of $1.88 and a high of $1.95.
- Analysts indicate that the next support level for XRP is at $1.89, with potential further declines to $1.80 if selling continues.
The significant outflows from spot XRP ETFs highlight bearish sentiment in the market, particularly as critical support levels are breached and liquidation events occur among traders.
With spot XRP ETFs recording substantial outflows and XRP trading near key support at $1.89, the risk of further declines remains high amid ongoing market volatility.(Source)
