XRP Price Plummets as Whales Accumulate Tokens
The native token of Ripple Labs, XRP, is facing a significant price decline after failing to hold a crucial support level. Despite the bearish outlook, long-term holders are taking advantage of the recent price drop to accumulate more tokens, according to on-chain analytics firm Coinglass.
Shift in Market Sentiment
Prior to the crash, the overall market sentiment for XRP appeared bullish, with the token poised for a major rally. However, the recent price decline has shifted sentiment, and XRP is now facing a potential downturn. On January 2, 2024, XRP broke out of a bullish flag-and-pole price action pattern and entered a consolidation zone, which it maintained for four trading days. Unfortunately, the recent price crash has breached this zone, suggesting a major price decline in the near future.
Whales Accumulate XRP Amid Price Decline
Despite the bearish outlook, whales and long-term holders are accumulating XRP tokens. According to Coinglass, exchanges have witnessed an outflow of $60.7 million worth of XRP in the past 24 hours. In the cryptocurrency market, outflow refers to the movement of assets from exchanges to wallets, often seen as a sign of accumulation. This trend may indicate a potential buying opportunity and the possibility of an upside rally.
Current Market Trends
Currently, XRP is trading near $2.30, with a 4.9% price decline in the past 24 hours. During the same period, its trading volume surged by 85%, indicating heightened participation from traders and investors compared to the previous day.
Conclusion
In summary, XRP’s price decline has shifted market sentiment, and the token is facing a potential downturn. However, long-term holders are accumulating tokens, which may indicate a potential buying opportunity. As the market continues to evolve, it’s essential to monitor XRP’s price movements and trading volume to anticipate future trends.
Source: Coinpedia.org
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