XRP Price Prediction as $1 Billion Trading Volume Sends XRP Down 10% – Are Whales Selling?
XRP's price has declined by nearly 5% in the last 24 hours, reaching $0.62380. This downturn continues a four-day bearish streak, and the cryptocurrency has reached its lowest point since July 13.
That date also marks the same day Ripple achieved a partial victory against the SEC lawsuit.
This recent activity has triggered intense speculation among market watchers, and a trading volume of $1 billion has sent XRP down by 10%.
Are whales behind this sudden sell-off? The unfolding situation merits a closer look.
Recent data from Santiment reveals that XRP has encountered a hurdle due to the sale of 100 million XRP by large holders.
This sale occurred after the cryptocurrency experienced a 25% decline in price over a two-week period.
The major holders, who possess between 100,000 to 1 million XRP, took advantage of the opportunity to profit from the situation after XRP reached its peak of $0.85 in July 2023.
This change from holding to selling has put pressure on the XRP price rally that was originally triggered by a favorable outcome in the SEC lawsuit.
According to a recent report by Ripple, more than 70% of financial leaders worldwide have a favorable outlook on cryptocurrencies, indicating a rise in optimism.
As Ripple is a significant provider of crypto services for financial institutions, it is likely to continue expanding.
The increase in confidence is due to various factors, including tokenization, which has the potential to transform industries such as stock trading, events, games, and metaverses.
Blockchain is another significant innovation that enables leaders to innovate, leading to improved operational efficiency, data management, and financial agility.
Ripple has a wide range of services, with more than 300
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