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Glassnode data shows a steady increase in the net position change of XRP on exchanges over the past week. According to on-chain data, this metric reached an eight-month high of 283 million XRP on July 7. The metric tracks the net amount of tokens moved to centralized exchanges.
The surge in inflow to exchanges coincides with the recent rise in the price of Ripple. This indicates that many traders are using the rally as an opportunity to exit their positions. This exerts some pressure on the token.
Moreover, the Chaikin Money Flow indicator (CMF) is gradually decreasing, forming a negative divergence with the price. At the time of writing, it is at 0.01 and ready to break through the zero line.
The CMF indicator shows inflows of money into the asset and outflows from it. A positive value indicates high demand, while a negative one suggests increased selling and bearish sentiment. Although the CMF for Ripple has not yet fallen below zero, its decline indicates weakening accumulation. This often foreshadows a bearish reversal. Such a scenario is likely unless new demand emerges to absorb the growing supply. On the daily chart, XRP is once again testing the lower line of the ascending channel it has been in for the past week. The channel appears when the price forms higher highs and higher lows between two ascending parallel trend lines. The upper line is dynamic resistance, while the lower one is support. When the price tests the lower boundary after a strong rally, it often signals a weakening of the upward momentum.
If the price decisively breaks through the lower support line, it will be a bearish signal indicating the inability of buyers to continue the trend. In this case, XRP risks falling to $2.14. However, if the bulls take over again and demand increases, the price of XRP could reach $2.35.