- XRP’s month-long upward trend breaks as the token loses its previous high of $0.5.
- Whales started accumulating as the price of XRP dropped.
- XRP daily trading volume is down more than 50%.
On Saturday, the general selling pressure in the cryptocurrency market dragged down the price of XRP from its previous high of $0.5. The prolonged upward trend of XRP has been snapped by the recent downturn.
A look over the past 30 days of data shows that the price of XRP has increased by 46%. However, the value of the most popular cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), has fallen by 4% and 17%, respectively, over the same time period.
Meanwhile, over the past 24 hours, the value of XRP has plummeted by almost 4%. According to the Whale Alerts, over 135 million XRO coins have been transferred from several cryptocurrency exchanges to various untraceable wallets.
Wallets on large centralized exchanges, including Ripple ODL partner Bitso, Bitstamp, Binance, Bittrex, and others, were the recipients of thirteen big transactions, with the total amount of XRP transferred from 22 million to 40 million.
A total of three transactions were tracked – 122 million and two transfers of 100 million apiece.
After XRP started going down earlier this week, investors appear to have been redistributing their holdings and even selling some of them. The drop in price has also piqued the curiosity of whales.
Over the past day, the whale wallets have purchased about $66 million worth of XRP tokens. The largest trade recorded by the tracker was a whale buying more than $19.1 million in XRP. This trade was executed on the Bitstamp cryptocurrency exchange. On the other hand, the whales have amassed more than 86 million XRP tokens from the same exchange.
XRP has maintained its position as one of the world’s top 10 digital currencies despite a protracted legal battle with the SEC. However, recent decisions in the pivotal lawsuit have been beneficial for Ripple. Positive investor opinion around XRP has been bolstered as a result.
As of this writing, the market rate for XRP is around $0.48. Its 24-hour trading volume has decreased by 52 percent to $1.02 billion.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
