Last updated on August 12th, 2024 at 01:38 pm
The price of XRP is undergoing a correction following its recent upward surge. Amid the drop, some XRP investors appear to be profiting by selling a portion of their holdings. This sell-off has put the cryptocurrency in a correction phase.
According to Whale Alert, a significant transaction occurred in which a holder moved about 25.2 million XRP tokens from a private wallet to the cryptocurrency exchange Bitso. The transfer, worth around $15.36 million based on the current XRP price, is interpreted as a pessimistic signal for the Ripple-associated coin. Bitso is one of the most prevalent CEXs where people tend to sell XRP, thus increasing the selling pressure.
Source: Whale Alert
Also Read: Ripple Co-Founder Comments on SEC Ruling, Celebrates Victory
Earlier, the focus was made on the accumulation of XRP because traders wanted to make easy money based on the high increase in the cryptocurrency’s price. But now, with the latest price hike, many think it is the right time to book their profits. This may lead to a further depreciation of the XRP/USD from here, but these short-term traders may well target buying back on the cheaper XRP. Based on the current observation of XRP, it can be seen that the coin could be ready to give another bullish run to spearhead a rally when the selling pressure comes to an end.
Advertisement
Price of XRP and Outlook
As of the most recent data, XRP is trading at $0.5851, down 5.18% in the previous 24 hours. During the same period, trade volume fell by 51.41% to $2.6 billion. XRP’s market capitalization has likewise declined by 5.00% throughout this pessimistic period. Despite these drops, it is worth noting that XRP is still up 32.47% in the previous 30 days.
The present slump is likely a temporary corrective phase, which many view as a good price movement in the larger market. Once this pullback has subsided, XRP is projected to enjoy more increases as overall sentiment remains positive. Investors are keeping a tight eye on the market for signs of stabilization, which might indicate the next upward move for XRP.
Ultimately, while XRP is experiencing a correction and some holders are taking gains, the long-term view is still optimistic. The current market dynamics indicate that XRP may return if the selling pressure eases, clearing the path for additional gains.
Also Read: Breaking: Judge Torres Fines Ripple $125 Million, Forbids Future Securities Law Violations
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.