Investors $XRP Liquidate US$1.6 Billion Amid Market Stagnation, Fears Rising?
Investors have liquidated XRP, Ripple's cryptocurrency, worth US$1.6 billion with 695 million tokens sold amid a stagnant market situation for the past 6 weeks.
This is because XRP investors are worried about the stagnation of XRP prices with increasing dissatisfaction, leading to increasing selling pressure.
The latest data from CoinMarketCap states that the price of XRP has been observed to increase 14% in the past seven days, but has entered a consolidation phase, with prices between US$2.34 and US$2.46 for the past six days.
This phenomenon is indeed common during prolonged consolidation phases. However, despite the increasing sales from short-term investors, there are still many long-term holders who maintain their XRP.
If profit-taking efforts from investors increase, the XRP support zone looks dangerous because it could push it from a neutral situation to a bearish one. This will cause many losses for investors, both long-term and short-term investors.
