XRP stole the market's attention when it surged almost 18.7% in intraday trading, sparking bullish sentiment among investors.
At the time of writing, the XRP price is currently at $1.4677, down 0.08% since it opened early Monday in Asian trading.
However, the momentum did not last long and shows that selling pressure is still overshadowing the market.
This rapid surge appears to be an opportunity for many holders to take early profits.
Exchange inflow data shows that XRP continues to be sent to exchanges, which is a clear signal that investors are ready to sell whenever the price rises.
This pattern often prevents a stronger breakout and causes the price to return to a level.
Furthermore, the MVRV indicator shows that profits are now being held more by short-term investors.
These groups usually act quickly and tend to sell as soon as they see a profit, thus contributing to the rally that quickly stopped.
From a technical perspective, the $1.51 level is an important support that needs to be defended.
If the selling pressure continues, the price could potentially drop to around $1.36.
However, if XRP manages to break through the key resistance at $1.62, the bullish structure will become stronger with the next target around $1.76.
For now, the direction of XRP depends on one key factor, which is whether the profit-taking pressure will subside or continue to curb any attempts at upside.
The market seems interested, but the confidence is not yet strong enough to support a prolonged rally.
