Ripple (XRP) supply on exchanges hits the lowest level since January at 2.84 million XRP.
XRP’s recent price action shows a 12% decline over the past month.
Technical indicators, such as the Chaikin Money Flow (CMF) and Moving Average Convergence Divergence (MACD), suggest that the bears maintain control over XRP’s price.
The total number of Ripple (XRP) tokens held across various cryptocurrency exchanges has reached a major milestone, with the current supply amounting to 2.84 million XRP, which is equivalent to $1.34 million at current market prices.
This figure represents the lowest amount of XRP tokens held on exchanges since the beginning of the year, indicating a potential shift in investor sentiment and market dynamics.
XRP Experiences Reduced Sell-offs
As of the time of writing, the token’s supply on exchanges has dipped to 2.84 million XRP, marking the lowest level observed since January 1. When the supply of an asset on exchanges decreases, it signifies that the total amount of the asset held on cryptocurrency exchanges has diminished.
Several factors could contribute to this phenomenon, such as investors opting to hold their tokens in hardware wallets, staking on decentralized finance platforms (DeFi), or generally refraining from selling their holdings in anticipation of a future price rally.
However, XRP’s recent price action has not provided any concrete evidence of a significant rebound in the near term. Currently, XRP is trading at $0.47, having experienced a 12% decline in value over the past month.
To put things into perspective, the altcoin revisited its year-to-date low of $0.46 on June 24, marking the second occurrence of this price level in the current month alone.
The persistent decline in XRP’s value can be partially attributed to the substantial losses incurred by its holders in recent times. For instance, the daily ratio of transaction volume in profit to loss (calculated using a 30-day moving average) currently stands at 0.88.
