XRP’s price is facing heightened bearish pressure following a sharp market pullback on Monday, capping its upward attempts. In the meantime, the activity of large holders is once again drawing attention to the altcoin’s short-term price outlook.
Looking at the data from the chart, more than 31 million XRP were seen being moved to the exchange in a single day, particularly on Sunday. Interestingly, these inflows were primarily spearheaded by activity from the largest investor group.
When taken as a whole, this indicates a sudden potential sell-side pressure of about $45 million that needs to be closely watched. Should this selling pressure persist, the expert believes that the altcoin may struggle to recover from its ongoing correction in the near term.
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