In a notable market development, XRP has seen an increase of over 4% over the past week, pushing its price to just above the $3 mark. This uptick, however, triggered a wave of profit-taking among market participants, particularly among large holders, commonly referred to as “whales.” These whales have recently unloaded a substantial amount of their holdings, with recent reports indicating that they sold 160 million XRP, equivalent to approximately $480 million, within the last two weeks.
The sell-off has raised concerns within the XRP community, with many fearing that such significant disposals could adversely affect the asset’s price in the near term. The movement occurred immediately following the price surge past the $3 threshold, leading to speculation that these large holders may not anticipate further price increases and expect the market to remain in a consolidation phase for some time.
As of the latest updates, XRP’s price stands at $2.98, reflecting a 2.95% decline in the last 24 hours. This decrease follows a peak price of $3.09, and the bearish sentiment driven by whale activity is making traders more cautious. The trading volume has also dipped significantly, experiencing a drop of 9.45%, with current figures around $5.22 billion.
Technical indicators suggest ongoing weakness in XRP’s market performance. Analysis points to volatility consistent with the Bollinger Bands signal, which highlights that the altcoin’s recent rally appears to be losing momentum. XRP has not maintained its position above the upper band near $3.14, further confirming a downward trend.
In addition to price movements, on-chain data reflects a concerning decline in active accounts on the XRP Ledger, which have dropped by nearly 50%. This downturn indicates a waning transactional demand, reinforcing the belief that user confidence in a potential rebound may be diminishing. Such factors combined paint a cautious picture for XRP’s immediate future as market participants closely monitor these developments.
