[Analysis] "XRP Whale Wallet Flow Turns 'Sharply Negative'… Potential for Correction"
Summary
- It was reported that the XRP whale wallet flow indicator has turned 'sharply negative', raising concerns over a potential correction.
- Outflows have been observed from large wallets, resembling the patterns seen before past price corrections.
- The analysis stated that unless there is a sustained daily net inflow of over 5 million XRP, it may be difficult to expect a positive reversal signal in the near term.
The whale wallet flow indicator for XRP has turned 'sharply negative', raising the possibility of a correction.
On the 7th (local time), CryptoQuant contributor The Enigma Trader reported, "The 90-day moving average (90DMA) of the XRP whale wallet flow indicator has shifted into a sharply negative territory, and outflows are being observed from large wallets. This is a similar pattern to what was seen in January and February, after which price corrections also followed the same indicator changes."
He added, "Although the recent price correction of XRP is not severe, the direction of whale fund flows is noteworthy. In particular, unless there is a sustained net inflow of over 5 million XRP per day, it may be difficult to expect a positive reversal signal for the time being," he analyzed.
Suehyeon Lee
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