It appears that XRP‘s latest attempt at a spirited rally has faltered, succumbing just shy of a rather significant volume-weighted average price, a level that, according to the observations of one Mr. Dom (@traderview2) on X, harkens back to the asset’s more exuberant days. One might say, its golden age. 🤔
XRP Selling Pressure Is Capping Price Gains
The chart, meticulously crafted on Binance and shared by our astute analyst, reveals XRP/USDT exchanging hands at a paltry $2.4375, a mere 2.08% increase. Alas, it seems insufficient to reclaim what Mr. Dom so eloquently terms the “ATH VWAP”—a metric of considerable longevity derived from the giddy heights of April 2021. This green band, currently meandering downwards through approximately $2.47, appears to be acting as a most unwelcome chaperone, stifling any intraday advances since the middle of May. 😒
Beneath the surface of this rather lackluster price action, the seller’s influence is, shall we say, unmistakable. “There’s simply been an overload of market selling, and passive buyers have really tried their best to hold it up so far,” Mr. Dom pens, citing proprietary order-flow statistics that record a net outflow of 240 million XRP across various spot venues in the past week. One hears whispers that roughly 180 million of these units were unceremoniously dumped on Coinbase and the South Korean exchange Upbit, while Binance has remained, rather remarkably, quite flat. 🤷♀️
The same chart, in its infinite wisdom, plots two shorter-term anchored VWAPs, which have become the coin’s last bastion of near-term support: a one-month rolling VWAP at $2.31, currently a disheartening 5.22% below the session high (depicted in orange, no less), and a three-month VWAP at $2.28, a further 6.40% lower (in cyan, for those who are particular). 🙄
XRP, it seems, is “hanging on to the monthly and quarterly VWAP by a thread,” Mr. Dom warns with a touch of dramatic flair. A decisive breach of these bands around $2.31–2.33 would leave the market in a state of “really just mid-range noise until … $2.20 is lost,” he adds, pointing to the December–February midpoint drawn on the left-hand volume profile. One shudders at the thought! 😨
While Bitcoin has been, in Mr. Dom’s colorful phrase, “really just bouncing around” in a broad consolidation zone, this correlation has offered little in the way of succor to XRP bulls. Every minor rise in BTC has been met with a fresh wave of spot offers in XRP, underscoring what Mr. Dom calls the “very hard to see upward moves when we are seeing this type of market selling pressure.” A most unfortunate state of affairs, indeed. 😔
For the moment, the technical chessboard is laid bare: reclaim the ATH VWAP, and the path opens towards the late-March swing high above $3.00; lose $2.20, and the door swings the other way, towards the confluence of high-volume nodes stacked below $2.00. Until one of these barriers yields, the analyst concludes, XRP “has lost its pep in its step” and remains caught in a most tiresome tug-of-war between relentless spot sellers and a thinning layer of passive bids. One can only hope for a swift resolution to this most tedious of dramas. 😴
At the time of this writing, XRP traded at a mere $2.36. Such a pittance! 💸
Read More
2025-05-20 16:37