XRP, Number of New Wallets Plummets…"Further Upside Uncertain"

Uk Jin

Summary

According to data from Santiment, the number of new wallets created on the XRP network has sharply declined over the past 48 hours.
Sell signals from long-term holders have been detected, which could place downward pressure on XRP.
Despite this, the current price of XRP is up 2.44% compared to the previous day.

A negative indicator has emerged for XRP. It appears that the number of wallet addresses on the XRP network has dropped sharply.

On the 21st (KST), cryptocurrency-focused media outlet BeInCrypto reported, citing data from Santiment, that the number of new wallets created on the XRP network sharply declined from 11,058 to 3,930 in the past 48 hours.

Typically, a surge in new wallet numbers signifies strengthening investor sentiment toward cryptocurrencies, whereas a drop in new wallet addresses indicates weakening sentiment.

In addition, sell signals from long-term holders have also been detected. The net position change of XRP holders turned negative over the past two trading days. The outlet analyzed, "This means that long-term holders have sold," adding, "The selling decisions of long-term holders could exert downward pressure on the price of XRP."

Nevertheless, despite these concerns, XRP is currently on the rise. As of 1:58 PM on this day, according to CoinMarketCap, XRP is trading at $3.50, up 2.44% from the previous day.

XRP