XRP's Easing Sell Pressure May Not Be Enough to Spark Price Recovery
XRP's selling pressure has eased as August begins, but its price outlook remains uncertain. According to on-chain data, XRP inflows to Binance have reached their lowest level on record, averaging only 3.6 million tokens per month.
This drop in inflows indicates that fewer holders are moving their tokens to exchanges for potential selling, which Darkfost, a crypto analyst, believes could help XRP maintain stronger support above the $1 level.
However, seller exhaustion is not enough to spark a sustained bullish trend. Analysts agree that renewed buying demand is necessary for a price recovery.
On-chain data further reinforces this shift in market behavior. Another analyst found that XRP withdrawals accounted for 55.6% of all transactions on Binance during the seven days ending July 31, marking the highest level since February 2021.