XRP Price Up 13%, But Whales Offload 140 Million Tokens: Is This Bullish or Bearish for the Market?

News

  • XRP price has gained 5.83% weekly and holds a market cap of $158 billion, ranking 4th in crypto.
  • Price fluctuates between $2.53 and $2.68, maintaining stability above $2.62 despite whale sell-offs.
  • Over 140 million tokens were sold by whales, but the price remains resilient with upward momentum.

XRP, Ripple’s native cryptocurrency, has been making waves in the cryptocurrency market over the last few days.  According to available market data, XRP has a weekly gain of 5.83% and a market cap of $158 billion, ranking it number 4 in the cryptocurrency market. 

XRP Price Fluctuates but Maintains Stability Above $2.62

CoinMarketCap data reveals that XRP currently exchanges at a price of $2.63, reflecting a 0.31% increase over 24 hours. The market capitalization stands at $157.91 billion, with a slight rise of 0.26%. The 24-hour trading volume has surged by 13.03%, reaching $5.06 billion.

Source: CoinMarketCap

The price chart reveals fluctuations in XRP’s value. Initially, the price moved upwards from around $2.62, peaking near $2.63. Afterward, there was a dip, but XRP regained momentum, reaching $2.63 again. Despite the fluctuations, the overall trend shows resilience above the $2.62 support level, with prices maintaining steady growth.

XRP’s price has shown some volatility in the past 24 hours but remains within a narrow range. The price action reflects moderate upward momentum, with market conditions influencing these movements.

XRP Price Hits 13% Gain as Whales Take Advantage,

An active market has driven the bullish trend, as whales engaged in an accumulation spree. According to Ali Charts, XRP’s price trend over the past month has shown a significant rise of 13%. During this period, XRP’s price fluctuated between $2.53 and $2.68. The black line represents the price movements, while the shaded area indicates the behavior of large holders.

Source: X

The price began to rise sharply at the end of September and continued through mid-October. Around October 19, XRP reached a peak of $2.68 before slightly retreating to $2.63. Despite the price increase, whale activity indicates some profit-taking, as over 140 million tokens were offloaded by large holders.

The chart reveals that as XRP’s price surged, whales gradually reduced their holdings. This behavior suggests that, despite a price rally, large holders may be capitalizing on the gains. Consistent selling pressure from whales could impact the price movement in the near future. Despite the profit-taking, XRP maintains a positive trend, with recent price stability above $2.60.

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