US spot XRP ETF holdings are approaching 1.2 billion coins, almost equal to the 1.0 billion coins that could be unlocked at the maximum on October 1. Yet over the past 24 hours the price has risen only 1.1%, OI increased by 2.9% over 6 hours, and Binance’s active sell orders are still slightly in the lead.
Don’t take the size of holdings directly as new buy demand: a large position doesn’t mean people are still buying right now; even if OI increases, it doesn’t result in enough bullish strength to convince me.
The maximum amount unlocked doesn’t necessarily mean it must be sold, but before active buying takes the upper hand, this supply looks more like overhead pressure. A holdings figure of 1.2 billion coins can’t serve as proof that the market can absorb the price.
#XRP
Don’t take the size of holdings directly as new buy demand: a large position doesn’t mean people are still buying right now; even if OI increases, it doesn’t result in enough bullish strength to convince me.
The maximum amount unlocked doesn’t necessarily mean it must be sold, but before active buying takes the upper hand, this supply looks more like overhead pressure. A holdings figure of 1.2 billion coins can’t serve as proof that the market can absorb the price.
#XRP