XRP Flashes 2 Bullish On-Chain Signals Heading Into August
XRP (XRP) gained over 3.8% in July, snapping a two-month losing streak. The token still trailed other large caps, with Bitcoin (BTC) adding about 9% and Ethereum (ETH) around 20%.
As August begins, two on-chain signals point to fading sell pressure. However, the month has historically offered XRP little support, and institutional demand through ETFs remains thin.
XRP Exchange Data Shows Sellers Stepping Back
In a post on X, analyst Darkfost noted that XRP inflows to Binance have fallen to a record low. According to the analyst, average monthly inflows to the exchange have dropped to roughly 3.6 million XRP.
While the figure remains significant in absolute terms, it marks the lowest monthly inflow ever recorded. Darkfost said the trend suggests that XRP holders are showing little willingness to move tokens onto exchanges for sale, pointing to an exhaustion of selling pressure.
He added that the reduced pressure could help XRP establish stronger price support above $1.
"What remains to be seen is whether a genuine rebound in demand will follow this lull on the sell side, a condition that appears necessary to spark a sustainable bullish trend," the analyst added.
โฆ Continue reading the full article at the original source below.
