Oct 3, 2024
6thTrade
The situation is becoming increasingly concerning for XRP as selling pressure mounts. The price of XRP is notably down today, with market bears clearly in control. Unfortunately, XRP has been one of the worst-performing cryptocurrencies over the past few days. While even market leaders like Bitcoin (BTC) have seen some declines, they haven’t been as severe as what’s happening with XRP.
Adding to the concerns, it seems XRP whales are losing confidence and stepping up their selling activity. Whale Alert, a crypto tracking service, has spotted three significant XRP transfers directed to major crypto exchanges. These possible sell-offs are casting a bearish shadow over the market, leaving little hope for short-term price gains.
Growing Selling Pressure
The first major transaction saw an influential investor move about 17.94 million XRP tokens from a private wallet to Bitstamp. With XRP’s current valuation, this transfer is worth approximately $10.2 million. Shortly afterward, Whale Alert flagged another large XRP transfer involving a different major investor.
In this second transfer, around 22 million XRP tokens were sent to the exchange Bitso, also from a private wallet. This transaction is currently valued at about $11.7 million. But that wasn’t all—shortly after these two, Whale Alert picked up on yet another large transfer.
The third major move involved 20 million XRP tokens sent from a private wallet to Binance, the largest crypto exchange in the world. This transfer is estimated to be worth roughly $10.7 million. Altogether, these three transactions moved almost 60 million XRP, valued at approximately $32.6 million, to trading platforms.
Impact on XRP's Price
As these sales hit the market, XRP’s price has struggled to hold its ground. At the time of writing, XRP is trading at $0.5177, having experienced a sharp drop of 11.59% in the last 24 hours alone. The current scenario for XRP looks bleak, with the price showing no signs of stabilizing. If the whales continue dumping their holdings, we could see XRP’s price tumble further in the near term.
For XRP holders, the situation is tense, and all eyes are on the whales. Continued selling could push prices down even more, making it a challenging time for anyone hoping for a recovery. $XRP
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Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.
