Hey there Extreme Investors! Today we’re diving into the latest data on XRP’s Taker-Sell volume and what it means for the cryptocurrency market.
The week of Oct 27 saw XRP’s Taker-Sell volume start at $62.9 million, but by Oct 31, that number had climbed to $158.5 million – a significant 145% increase within the week. This uptick in Taker-Sell volume is often seen as a bearish signal, indicating a shift towards more sellers than buyers in the derivatives market.
Taker-sell volume specifically tracks orders executed at the asking price, suggesting that a surge in volume means that traders are willing to accept prices below the market rate to offload their XRP positions. Historical trends support this notion, with previous instances of high Taker-Sell volume leading to price drops for XRP.
The latest data shows XRP’s price falling by 4.67% on Nov 1, signaling a greater risk for the $0.50 support level. With increasing sell orders below market price, there is a possibility of XRP dropping even further to $0.45 if the $0.50 support gives way.
As we approach the US election and navigate market uncertainties, it’s crucial for investors to keep a close eye on XRP’s movement and be prepared for potential downswings. Stay tuned to Extreme Investor Network for more insights and analysis on the cryptocurrency market.