XRP dropped almost 7% over the past 24 hours, with selling pressure dominating trading activity and institutional demand showing signs of weakness, according to market data.
Sellers Dominate Binance Trading
CryptoQuant’s Cumulative Volume Delta (CVD) indicator on Binance stands at approximately -4.33 million XRP. A negative reading means market sell orders are outweighing market buy orders, indicating a bearish bias in trading activity.
The 30-day average CVD is nearly 0.70, creating a divergence from the current cumulative reading. Sellers continue to execute more market orders than buyers, and the pressure is becoming more noticeable with XRP trading at relatively low price levels.
CryptoQuant noted that a negative CVD reading does not automatically mean traders are opening fresh short positions. Selling activity can also come from traders closing existing positions or liquidating holdings.
ETF Inflows Dry Up
Spot XRP exchange-traded funds started November on a weak note after attracting nearly $19 million in net inflows during October. That was enough to keep them in positive territory but marked their second-worst month for inflows, and the funds failed to help XRP’s price make gains during the month.
On November 2, investors withdrew nearly $530,000 from the funds, possibly as markets continued to deal with the fallout from the Binance hack. The following four trading days brought no fresh inflows or outflows, with SoSoValue reporting $0.00 in net flows on Tuesday, Wednesday, Thursday, and Friday. This was the first time the XRP ETFs had recorded four consecutive days without reportable activity since August.
Whale accumulation has also failed to support XRP’s price. The balance of trading activity currently favors sellers, and the asset could remain under pressure if the trend continues without enough buying demand to absorb it.
