XRP Price Takes Hit Amid Market Selloff, Bull and Bear Cases Emerge

XRP's price has taken a hit, dropping by 8.5% to $1.45 on a day marked by a selloff in the market.

According to PCT (Pandas Coffee Talk), there are both bull and bear cases for XRP's future direction.

The bull case suggests that long-term holders are not selling, indicating on-chain conviction remains strong. Additionally, XRP is currently 40% below its cycle highs, leaving room for a potential bounce if the macro environment cooperates.

However, the bear case presents a more negative outlook, with US-based institutional flow currently in the red, and exchange reserves ticking up, which could signal selling intent.

The data leans towards a 'wait and see' approach rather than a 'load up' strategy. While there is no specific price target mentioned, the setup suggests that XRP may be more suitable for a patience trade rather than an aggressive investment at this time.