Ripple investors surrender for ninth day as XRP falls below $0.47
Thursday was the ninth straight day of XRP token losses for Ripple investors.
Santiment data shows traders lost $41 million since June 18.
In the previous week, XRP has lost nearly 5% to $0.47.
Ripple (XRP) retains the recent fall at $0.47 Thursday. On-chain data suggests that whales holding 1 million to 10 million XRP distributed their tokens at a loss after the price drop.
The graphic below illustrates that XRP investors lost almost $41 million between June 18 and June 27 based on Santiment on-chain data.
The negative spikes in Network Realized Profit/oLss illustrate XRP traders' nine-day losses. Capitulation occurs when traders consistently lose.
NPL
Different XRP investors responded differently to the price drop. Wallet addresses with 10,000–100,000 XRP tokens and 100,000–1 million coins bought the dip.
Investors with 1–10 million XRP divided their shares at a loss. This phase usually involves capitulation before asset price recovery, as seen in the chart below.
Ripple
Distribution of XRP
In the absence of an SEC vs. Ripple litigation update, traders are analyzing Bitcoin price movements to predict XRP's direction.
In the last week, XRP has dropped roughly 5% to $0.47.
Technical analysis: Ripple losses may extend 3.5%.
Ripple is falling, hovering at $0.47 on Thursday. If the slide continues, XRP may hit $0.4508, the June 7 low. If the cryptocurrency recovers, XRP might fill the Fair Value Gap between $0.4731 and $0.4710 before falling again.
The MACD indicator confirms the bearish thesis with the signal line above the MACD line and the red histogram bars beneath the neutral line. Price momentum is negative for Ripple.
Ripple's close over the Fair Value Gap between $0.4825 and $0.4841 might undermine the bearish argument and propel XRP above $0.4955 barrier.
