XRP Price Struggles as Key Holders’ Outflows Hit 7-Month High

XRPUSDT is currently priced at $2.99, sitting just below the $2.95 resistance. The bearish market sentiment and outflows are evident, making it difficult for the altcoin to break through this resistance. A continuation of the current trend may lead to further downward pressure on the price.

XRPUSDT longer-term outlook is also influenced by its HODLer net position change, which has reached a seven-month low. The LTHs, who have a significant impact on the price of XRP, are seeing their positions decrease

XRPUSDT is likely to test the support of $2.65 in the coming days, unless investors shift their sentiment. If this support level fails to hold, XRP may experience further losses, putting additional strain on the altcoin and its investors.

To recover, XRPUSDT will need to reclaim $2.95 as support and break through the $3.00 mark. A successful breach of these levels could pave the way for a move towards $3.41, ultimately invalidating the current bearish outlook and offering hope for a potential recovery.