The post Ripple Whales Cause XRP Price Decline appeared on BitcoinEthereumNews.com.

Ripple whales exerted significant selling pressure on the XRP market, leading to a 2% decrease in its price today. Data suggests that over 48 million XRP tokens have been sold by these large investors, raising alarms about potential future sales. This downturn comes as the U.S. SEC’s appeal in the Ripple case continues to extend an already lengthy legal struggle. What Are Ripple Whales Selling? Recent transactions reveal that one notable Ripple whale transferred 20 million XRP to Kraken, valued at approximately $10.98 million. Another whale sold 28.3 million tokens to the Bitso exchange for around $15.39 million. These hefty sales have sparked concerns among XRP holders about what might happen next. The possibility that the legal battle could extend for another year has dampened market expectations for 2025. With past market dynamics influenced by the ongoing case, XRP may face challenges in entering a favorable upward trend. Will XRP Price Continue to Fall? Currently, XRP trades at about $0.5446, reflecting the recent decline. With a trading volume of $1.10 billion, the cryptocurrency briefly reached a peak of $0.5538 before falling back. Data from CoinGlass shows that XRP futures positions remain largely unchanged, indicating a lack of investor enthusiasm. Given the current situation, XRP’s market is likely to remain volatile. Investors should proceed with caution due to ambiguities surrounding legal matters and the aggressive selling patterns of large holders. Staying informed about the latest developments is essential, as the cryptocurrency landscape can shift swiftly. Ripple whales have sold over 48 million XRP tokens. Major transactions include 20 million XRP sent to Kraken and 28.3 million tokens sold to Bitso. The ongoing legal battle may prolong, affecting market expectations. XRP has seen a 2% decline, trading at about $0.5446. Disclaimer: The information contained in this article does not constitute investment advice.…

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Filed under: News - @ October 18, 2024 11:09 pm