XRP, Ripple’s native token, has had an uptrend from the start of February, but the price has fluctuated a lot in recent days. Earlier, the price had dropped by more than 2%, but within a few hours, it made a return, confusing investors with the rapid price changes.

So, what’s happening with XRP? Let’s discuss that in this blog.

XRP Price Analysis

XRP is currently trading at $0.628 with a trading volume of $2,148,950,087. Despite the price fall, the trading volume has surged by 50% from yesterday, indicating investors’ interest in crypto.

Earlier, in the morning today, XRP price went as low as $0.5936 and had a trading volume of $1.58 Billion. After that, the charts have just cruised higher, aiming for another weekly high.

XRP value peaked in 2018 when it reached its all-time-high value of $3.84 on the 4th of January. Compared to that, its price has dropped by more than 84% today. It’s not that it was dead for all these years on  15 April 2021, we saw a good peak with a value of $1.8373 before falling to as low as 0.3434 in July 2022.

XRP Whale Moves $49 Mln Worth of Token

Whale Alert’s data revealed that around $48.95 Million worth of XRP was moved within four transactions in a single day. Out of which, three transactions were connected to the Binance exchange as the whale accumulated the token. This accumulation comes to a total of $33.92 Million worth of 55.88 Million XRP tokens.

Apart from this, one transaction shows the dumping of XRP tokens on Luxembourg’s CEX Bitstamp. It comes to around $15.03 Million worth of 24.44 Million tokens.

Critical View By Investors On XRP

A well-known crypto investor, Jason Pizzino, has presented his critical reviews about the Ripple token. In his recent X post, he mentioned that XRP shouldn’t be a part of any investor’s portfolio because of its poor performance over the years. He claimed that even if this token grows a lot over the next few days, it won’t be able to cover the 2017 peak.

Pizzino’s accusation includes the discussion of XRP’s previous hike, where the token managed to rise by 500% but failed to surge by 2600% to reach the ATH. In his view, XRP investments distract the investor from the ongoing projects and overlook the potential damages in the future.

$XRP does not belong in your #crypto portfolio, ever. Even if it pumps this cycle, XRP must do over 2600% to break even against #Bitcoin value from 2017 peak.

Last cycle it managed 500% and is now at risk of breaking the SEC Lawsuit low; just 30% away.
The only benefit to… pic.twitter.com/ddLUf7fQQF

— Jason Pizzino (@jasonpizzino) March 11, 2024

Many other similar comments expressed the investor’s frustration over XRP. It is undetermined how much profitable this recent hike will be for investors.

Where XRP is suffering with ups and downs in price and legal issues, the altcoin is following the ongoing bullish nature trend, and even Ethereum is about to hit $4k anytime soon.

Conclusion

XRP is trying to form a peak after months of lying low. This peak links with the recent whale activity on Binance and Bitstamp, where $49 Million of transactions shaped the uphill chart movement. On the other hand, many crypto analysts and investors are backing out of investing in Ripple’s token because of its poor performance compared to other altcoins. Now, it has to see how community images and the ripple vs SEC case will draft the growth of XRP over the next few months. Read more about the top crypto gainers of the previous week.

The post What’s Happening With XRP? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am