XRP Price Tumbles as Selling Pressure Hits Highest Level Since May

XRP has been experiencing intense selling pressure on Binance, with its Taker Buy/Sell reading dropping to 0.86. This indicates a significant amount of sell orders are being executed by traders, exceeding buy orders. Analyst Arab Chain notes that a reading below 1 can increase downward pressure on the price, especially if accompanied by rising trading volumes.

The surge in selling pressure comes as XRP's price has dropped to its lowest point since November 2024, of $0.99. Additionally, Ripple has moved 50 million XRP coins to Binance, which could lead to more sell-side activity on the exchange.

A recent analysis by CoinGape found that while whale buying has increased, with 32 whale wallets holding over 1 million XRP coins, it is not enough to offset the downtrend. The Relative Strength Index (RSI) reading of 37 suggests a bearish outlook for XRP's price.

The ADX line, which measures trend strength, is also pointing north, indicating that the downtrend is becoming stronger. If XRP closes below its support at $1.01 for three consecutive days, it could lead to a 22% decline and drop to $0.78.