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The XRP price has failed to rally higher, even though the broader crypto market is fueled with strong bullish momentum. One possibility behind this lackluster performance may be the negative sentiment among XRP supporters and investors. The market has been witnessing selling activities from XRP whales.
According to Whale Alert, an XRP whale has transferred about 28 million XRP tokens from their private wallet to Bitso, a Mexico based crypto trading platform. The estimated value of these tokens is worth around $15 million, based on the XRP price at the time of the transaction.
Such huge transfers are known to exert bearish pressure on the market. The price of the Ripple-associated coin is already struggling, and sell-offs like this one can further impact the price in a negative way. Moreover, other investors may also follow the same trend, leading toward a broader selling trend.
There have also been no major XRP purchases detected so far today. It shows that the market is going toward the selling side, and bears are in complete control of it. If this sentiment continues to persist, the Ripple community might not see any big gains from XRP in the near future, leading to more pressure on the market.
XRP price remains bearish
As mentioned above, the crypto market has been looking bullish in the past few days. Bitcoin (BTC), the leading cryptocurrency, is nearing the crucial $68,000 price level. Many analysts are also expecting a new Bitcoin all-time high (ATH) by the end of this month. Typically, altcoins like XRP follow the BTC trend.
However, XRP is not following it at all. As of writing time, the XRP price is trading at $0.5482. It has decreased 0.82% in the last 24 hours. Moreover, the trading volume of the coin has fallen 19.46% during this time, currently standing around $1.14 billion. This massive fall in volume shows a lack of trading activity and the presence of negative sentiment on the market.
Alex Dovbnya
Arman Shirinyan
Vladislav Sopov
Dan Burgin
U.Today Editorial Team