Ripple’s XRP Melts Like Ice Under Fire
Ripple’s cross-border token was the talk of the town, but it hasn’t been able to build on its momentum and has fallen 5% every day to just over $2.5.
The market reaction shows this month has been the opposite compared to January when whales aggressively amassed over $1.05 billion in XRP, driven by wallets holding between 100 million and 1 billion coins. There hasn’t been any “major” accumulation in sight.
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Traders become uncertain and doubt the market’s direction because of these missed significant moves. The next few days will be critical in deciding whether or not investors put more money into the Ripple-based token, not amid weak risk appetite in the crypto market.
There is no retail FOMO, and with the absence of whale support, Ripple could retest the $2.45 or drop below it.
Recent declines in the price of XRP have been attributed to general market patterns in which significant cryptocurrencies such as Bitcoin and Ethereum also saw drops.
This implies a strong correlation between XRP’s performance and the state of the cryptocurrency market as a whole. Profit-Taking: Following a sizable rally, investors frequently sell off their holdings to realize gains.
XRP Ledger Problems: X posts and reports have indicated that the XRP Ledger often had technical issues, such as a halt in block production. Such occurrences have the potential to erode investor confidence and cause price declines because they may be interpreted as an indication of instability
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