XRP's 2021 Nostalgia Trip: When Even Bears Are on Vacation

XRP is getting quieter than a monastery at midnight, and the market is essentially holding its breath. Both XRP's 30-day accumulation and distribution levels have dropped to their weakest since 2021. Recent data showed accumulation at about 2.06 billion XRP, while distribution came in slightly higher at about 2.09 billion XRP. That leaves net accumulation at around negative 36 million XRP. Selling is still outweighing buying, folks.

As previously reported, XRP's earlier rally left a large chunk of supply concentrated between the $1.9 and $2.2 range, creating some pretty sturdy overhead resistance. Many holders are still underwater, so any recovery rally could run into selling pressure at breakeven levels.

Participation is declining across the board. Buyers aren't getting aggressive, sellers aren't exactly active either, and overall liquidity has dried up compared to previous levels. XRP is basically trading in a ghost town at this point.

Adding to the silence, Aggregated Open Interest was around $914.8 million at press time, down from recent highs near $960 million. Meanwhile, the average Funding Rate slipped to negative 0.0028, just slightly below neutral. Negative funding means long demand is weak enough that short positions are slowly gaining the upper hand. Leveraged traders are still around, but the conviction? Not so much.

Given the buying and selling drop, the market might stay sluggish across both Spot and Futures. XRP was trading near $1.3350 at press time, down 0.57% for the session. Volume came in at roughly 29.64 million XRP.

Technical indicators show buyers still aren't in control. The RSI remains below neutral. The MACD line was below zero at around negative 0.0208, with the signal line near negative 0.0236. The histogram turned slightly positive at 0.0028, but it's only marginal.

While a trend reversal seems doubtful, stabilization appears to be the more likely outcome.