There were important developments in the cryptocurrency market throughout June, but overall things did not go well. Bitcoin price dropped to $58,500, and this also negatively affected altcoins. XRP Coin also experienced a serious decline during this period. Now investors are wondering whether the price of XRP Coin will drop further.
Ripple (XRP) Whales and Market Situation
XRP Coin continues to disappoint its investors for many years. It is currently maintaining the $0.47 level. While individual investors are worried about experiencing huge losses, XRP Coin whales continue to accumulate large amounts. In the last 24 hours, whales have accumulated 100 million XRP Coins, which means an accumulation of $47 million.
Individual Investors and On-Chain Signals
Despite this, the downward trend continues among individual investors. XRP's participation in the blockchain is weak and on-chain signals are also depressing. This means that there may be further declines in the future for XRP Coin.
The Future of XRP Coin
It is understandable that investors avoid trading on the network due to lack of profits. DAA (Daily Active Addresses) divergence gives a sell signal and the price continues with a 0.49 percent decrease during the day. The price falling below the support level at $0.473 may face the risk of oversold if the whale fails to find support.
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I EXPLAIN IN DETAIL.
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