Key Takeaways
The XRP price has fallen to $2.41, a level it last reached on Jan. 11. A few days back, the altcoin showed readiness to hit a new all-time high.
But despite several attempts, the token’s price failed to hit that landmark as it continues amid uncertainty in the market. With talks of an impending bear market rising, the question remains—can XRP beat the odds and regain its bullish momentum?
According to Coinglass, XRP Spot Inflow/Outflow was over $200 million on Jan. 16. Around that period, XRP price surged to $3.30 and exhibited signs of climbing as high as $4.
Typically, a rise in spot inflow indicates rising demand, which is bullish for price. However, as of Feb. 2, XRP spot outflow was $100 million. The rise in spot outflow indicates selling pressure around the altcoin.
As a result, XRP’s price has plummeted by 15% in the last 24 hours. It appears that XRP’s price is unlikely to attract increased demand as the broader market condition remains hawkish amid rising global economic unrest.
Should this be the case and XRP continues to see an increase in outflows, the price might experience a further correction.
Further, it appears that traders also share a similar sentiment due to the position of the funding rate.