Ripple (XRP): Why Whales Would Be Accountable for the Next Bull Run
Ripple (XRP) has suffered within the last seven days as the world’s leading crypto deteriorated in that time frame. Remember, XRP shares a statistically substantial correlation with BTC.
While writing these lines, the remittance token traded at $0.3422, dropping more than 12% over the past week. So far in August, the XRP has lost 14%. That comes after the token gained over 15% last month.
XRP in the Previous 24Hrs
XRP endured liquidations worth $1,586,572 in the past day as the crypto market suffered multiple liquidations. The token’s price fall triggered a trading volume decline. While publishing this blog, the metric stood at 1.32 billion, losing 19% within the last day.
The daily chart suggests that XRP had hovered within a constricted range since July 31. Meanwhile, August 19 intraday sessions noted double-digit declines that saw it breaching the constricted range in a downward trend.
The declined XRP accumulation over the past few days had the RSI (Relative Strength Index breaching the neutral-50, reading 38 during this publication. Moreover, XRP’s MFI (Money Flow Index) wavers at 39 during this publication, confirming increased selling pressure.
The 20-Day Story
On-chain data showed decreased Ripple network activity since August started. The previous 20 days saw the daily active addresses metric decline by 31%. Moreover, the rate of new wallets joining fell since early in the month, hovering at 17% at this writing.
However, XRP has seen substantial whale activity before August 19’s closing hours, regardless of the network activity slump. Santiment’s data shows the altcoin recorded 452 whale transfers worth more than $100,000 – the highest since May. Moreover, Ripple’s weighted sentiment maintained its highest mark since April during this publication, at 1.013.
It’s noteworthy that whale addresses with 10,000 – 10 million XRPs have increased their holdings gradually. That came even as prices maintained downtrends since November last year and currently hovering at Feb 2021 value areas.
Meanwhile, overall market analysis is essential for upcoming tendencies. While publishing this post, bears controlled the marketplace, painting red within the past day. Watching upcoming price movements remains interesting. Stay tuned.