As an analyst with years of experience in the volatile and unpredictable world of cryptocurrencies, I find myself intrigued by the recent performance of XRP. While a 4% drop over 24 hours might seem concerning to some, when viewed through the lens of its remarkable 250% surge over the past month, it appears less alarming. However, the absence of a clear catalyst for this dip and the timing of Ripple‘s recent large transaction have added an element of uncertainty to the situation.
Over the past day, the value of XRP has decreased by over 4%, currently trading at approximately $2.3. This represents a fall from its previous high of about $2.4. The decrease in price has resulted in a reduction of XRP’s market capitalization to around $132 billion as of this writing.
Though XRP’s price has decreased in the last day, taking a broader look reveals that it has increased by approximately 250% over the past month. A month ago, its value was around $0.67, but as its price began to rise and new applications for XRP-based exchange-traded funds (ETFs) were submitted, it surged.
It seems that there isn’t a specific reason identified for the decline of XRP during the last 24 hours, except for a broader cryptocurrency market dip where many significant digital assets have experienced price drops ranging from 0.5% to 7%. This could be due to traders taking profits from the recent increase in value.
A potential motive behind XRP’s underperformance over the period could be fear and uncertainty in the market, associated with a recent transaction flagged by monitoring service Whale Alert, which revealed Ripple has moved 380 million XRP worth around $915 million to an unknown wallet.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 380,000,000 #XRP (915,171,133 USD) transferred from #Ripple to unknown wallet
— Whale Alert (@whale_alert) December 11, 2024
According to recent findings, substantial whale entities in the XRP Ledger are increasingly amassing the native digital currency. Interestingly, it seems that as the value of the XRP coin increases, so does the amount held by these significant whales.
Based on information from on-chain analysis firm Sentiment, as highlighted by renowned cryptocurrency analyst Ali Martinez, large XRP holders (owning between 1 million and 10 million tokens) have amassed over 100 million tokens, equivalent to approximately $240 million, during a minor price drop for the token.
It appears that our data indicates a significant accumulation of XRP by addresses within this group over the past few weeks. At present, they are estimated to hold anywhere between 4 and 79 billion XRP tokens. Interestingly, addresses holding between 10 million and 100 million XRP have been consistently increasing their holdings since the start of the year. The total number of these tokens has grown from approximately 5.2 billion to now stand at 6.91 billion.
Santiment’s data indicates that addresses holding between one million and ten million XRP seemed to be accumulating XRP, while addresses with 100,000 to one million XRP appeared to be selling off their holdings during the rise in XRP’s price. In total, these larger holders of XRP sold approximately 200 million XRP as the cryptocurrency’s price increased.
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2024-12-13 14:00