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The price outlook for the altcoin XRP is weakening as selling pressure increases across the cryptocurrency market. There has been a noticeable uptick in short positions on the altcoin, suggesting a bearish sentiment among traders. Additionally, a resurgence in inflows to centralized exchanges indicates that investors are more inclined to sell their holdings.
XRP Coin Sees Increased Inflows to Centralized Exchanges
On Thursday, spot exchange inflows for XRP turned positive after several days of outflows. It appears that XRP investors are now opting to sell, with a total of 15 million dollars worth of XRP deposited on the Bybit and Kraken exchanges.
Typically, increased inflows to centralized exchanges signal that investors are preparing to liquidate their assets. Consequently, the rising exchange inflows for XRP could exert downward pressure on its price.
Moreover, the funding rates for XRP futures remain in the negative territory. As of Thursday morning, the eight-hour funding rate for XRP futures stood at -0.0065%. This indicates that traders are betting on a price decline and favoring short positions, particularly since XRP’s funding rate is more negative than that of Bitcoin (BTC) 
$108,123 and Ethereum (ETH) 
$2,521.
Price Lingers Below Key Levels
Currently, XRP is trading below several important moving averages. The 10-day exponential moving average (EMA) is at 2.84 dollars, while the 21-day EMA stands at 2.88 dollars. The price of XRP remaining below these averages suggests that a short-term downtrend is continuing.
However, in terms of long-term trends, the 100-day simple moving average (SMA) is at the 2-dollar mark, and the 200-day SMA hovers around 1.30 dollars. Given that XRP’s current price is above these levels, there remains some positivity in the long-term outlook.
The nearest resistance level for XRP is at 2.49 dollars, followed by another resistance area at 2.60 dollars. If the price surpasses these levels, a move back towards the 3-dollar mark could be feasible, especially since the altcoin exceeded 3 dollars for the first time since 2018 in January.
Technical indicators are also providing insights into price direction. The 14-day Relative Strength Index (RSI) for XRP is currently at 36. This indicates that the market is neither in an overbought nor oversold state, with an RSI above 70 generally signaling overbought conditions and below 30 indicating oversold conditions.
