XRP Price Rally Needs to Absorb 1.2 Billion Tokens, but Buying Power Is Fading
BeInCrypto
XRP faces a significant supply wall of 1.24 billion tokens while buying conviction has dropped by half, threatening its current price consolidation.Summary
XRP is currently exhibiting a head and shoulders pattern on the daily chart, with a right shoulder forming near $1.33. To negate this bearish structure, the price must push through a major supply wall containing 1.24 billion tokens located between $1.45 and $1.47. However, technical data shows that buying pressure, measured by exchange net position changes, has declined by approximately 51% since late March, making it difficult to absorb this selling pressure. A failure to reclaim key EMAs and a drop below the $1.26 neckline could trigger a 19% downward move.
(Source：BeInCrypto)