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The price of XRP is going through a correction after its recent gains. Amid this, some holders appear to be taking profits by selling a portion of their XRP holdings. This sell-off appears to be putting more pressure on the coin amid the ongoing correction.
As per Whale Alert, a holder has transferred around 25.2 million XRP coins from their private wallet to crypto trading platform Bitso. This transfer is estimated to be worth around $15.36 million based on the current XRP price. Notably, Bitso is one of the most widely used centralized exchanges where traders usually dump XRP.
This move is indeed bearish for the Ripple-associated coin as it will increase the selling pressure on it. Previously, we saw a strong accumulation trend for XRP as traders were aiming to reap the benefits of the substantial price rally.
However, it seems that they are considering today’s price dip an ideal opportunity to book profits. While it can further decrease the price, it is also likely that these same traders will buy the XRP dips once it hits the bottom. The performance of XRP in the recent past also hints that it can initiate another rally once this selling pressure cools down.
XRP price movement
As of writing this article, the price of XRP is trading at $0.5851 after a dip of 5.18% during the last 24 hours. The trading volume also plummeted 51.41% during this time. It is currently standing at the $2.6 billion level. Simultaneously, XRP’s market cap has also gone down 5.00% amid this bearish phase.
However, it should be noted that the price is still up 32.47% over the last 30 days. Today’s dip is likely a brief corrective phase, which is considered a healthy price movement. Once it cools down, XRP will see further gains as the broader momentum is still optimistic.
Tomiwabold Olajide
Gamza Khanzadaev