Breaking News
Get 40% Off 0
🔎 See NVDA full ProTips for an instant risks or rewards Claim 40% OFF

Ripple’s XRP Dip Sparks $14M Whale Move: Potential Reversal Ahead?

Published Dec 05, 2023 21:30 Updated Dec 05, 2023 21:45
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Ripple’s XRP Dip Sparks $14M Whale Move: Potential Reversal Ahead?
 
XRP/USD
+4.14%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
SOL/USD
-3.11%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Coin Edition -

  • XRP’s unexpected dip raises concerns amid Bitcoin’s surge, highlighting a deviation from typical price patterns
  • Institutional support wanes as Solana outpaces Ripple in ETP inflows, affecting XRP’s growth and stability
  • Technical indicators suggest a potential downward trend for XRP, with RSI and MACD signaling caution among investors

Despite early bullish trends, XRP experienced a notable dip, reaching a low of $0.608 during Tuesday’s intra-day trading. This downward movement occurred unexpectedly, particularly in light of Bitcoin’s surge past the $42,000 mark. Analysts note that Ripple’s XRP, typically moving in tandem with Bitcoin, deviated from this pattern, sparking concerns among investors.

The core of Ripple’s current challenge lies in its diminished appeal to institutional investors. While Ripple has long been a favorite within the crypto community, its growth and stability increasingly depend on institutional support. This week’s data reveals a stark contrast with Ripple registering $0.5 million in exchange-traded product (ETP) inflows, significantly trailing behind Solana’s $4.3 million.

Annual comparisons highlight this disparity, with Ripple’s inflows overtaken by Solana’s $143 million. Furthermore, due to the price surge, most investors have switched their attention to Bitcoin and Ethereum. As a result of the increased outflow and liquidation, prices plummeted.

Ripple’s Market Response

Following the dip, Ripple’s price showed signs of recovery, aiming to breach the resistance level of $0.644. However, the price remained volatile, hovering around $0.620908, a slight decrease from the previous day. The current market conditions, influenced by institutional disinterest and the broader altcoin market dynamics, present a challenging environment for Ripple.

XRP/USD 24-hour price chart (source: CoinStats)

Despite a 3.18% drop in XRP market capitalization to $33,062,868,537, 24-hour trading volume increased by 44.25% to $1,882,201,363, indicating sustained interest and activity in the XRP market. Adding to the wariness, a whale transaction involving 24 million XRP tokens, valued at $14.88 million, was reported.

Ripple’s XRP Dip Sparks $14M Whale Move: Potential Reversal Ahead?
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email