$XRP
Significantly, this development coincided with the XRP price’s recent surge. This suggests that the XRP whales are interested in holding their tokens rather than selling. Typically, this investor sentiment can push the crypto prices up.
The whale activity had dipped to similar lows previously in 2021. It then led to a significant price rally. As the amount of XRP available on exchanges was limited, it triggered a surge in demand and resulted in a notable XRP price surge. Similarly, the latest trend also sparked fresh speculations of an uptick.
However, now the Ripple token is facing a downtrend. Despite reduced selling pressure and less availability on exchanges, the Ripple token is now trading in the red zone. As of press time, the XRP price is marked at $2.07, down by 1.45% in a day and 2.65% in a week. But it is still up by about 7% in a month.
This downward pull is mainly due to the broader crypto market’s negative trend. The crypto market has declined by 1.09% over the past 24 hours, reaching $3.23 trillion. Top assets, including Bitcoin, Ethereum, and Solana, are also mirroring this bearish trend.