$117 Million in XRP Moved Amid Prolonged Price Drop
Analysis
Price Impact
HighA large transfer of over $117 million in xrp, especially amidst an ongoing price drop and bearish market sentiment, can significantly fuel a 'selling narrative' and create fear among investors, potentially leading to further price depreciation.
Trustworthiness
HighThe information is sourced from u.today, referencing data from whale alert, a reputable blockchain monitoring firm, regarding the transaction details. the market analysis aligns with observed price movements and investor sentiment.
Price Direction
BearishThe transfer of a substantial amount of xrp coincides with a prolonged price drop and bearish market sentiment. speculation about ripple selling and the observed 2.69% decline in xrp price post-transfer indicate negative pressure. additionally, fading momentum in xrp etfs adds to the bearish outlook.
Time Effect
ShortLarge transfers often have an immediate psychological impact, influencing market sentiment and trading decisions in the short term. if the 'selling narrative' persists, it could maintain downward pressure on xrp for the near future.
Original Article:
Article Content:
Cover image via U.Today Read U.TODAY on Google News XRP stays in red XRP ETFs see fading momentum Advertisement XRP, the fourth largest cryptocurrency by market capitalization, has gained attention from the crypto community after a large transfer involving tens of millions of XRP stunned the market earlier today. The transfer, which has stirred discussions across the crypto market, saw a total of 80,898,070 XRP worth over $117 million move among two unknown wallets, according to data provided by blockchain monitoring firm Whale Alert today, Feb. 17. Although the nature of the transfer remains uncertain considering the undisclosed sender and receiver of the large XRP transaction, speculations predict the move has only sparked a selling narrative, with commentators suggesting that it could be Ripple selling. HOT Stories Morning Crypto Report: XRP Not Ready for $1.50: Bollinger Bands, Cardano Foundation Votes 'Yes' on 500,000 ADA Withdrawal, Kiyosaki Details 'Rich Dad' Bitcoin Strategy Ripple CEO Sees Major Legal Victory Likely This Spring The selling narrative is attributable to the bearish sentiment looming across the crypto market, as the market is consistently faced with repeating price corrections, which has seen all leading cryptocurrencies trade in red territory. Advertisement XRP stays in red The timing of the transfer has sparked more doubts than hopes in the minds of investors, as many predict that such a large XRP transfer at a time when the price of the asset has plummeted significantly is unlikely to be a bullish move from the sender. While XRP has remained in red territory since the time of the transfer, data from CoinMarketCap shows that XRP has declined by 2.69% over the last 24 hours, trading at $1.45 as of writing time. This shows that the large transfer spotted earlier has not in any way impacted the asset’s price movement positively. Nonetheless, market watchers have expressed concerns about XRP’s next price action amid its weak on-chain performances. Advertisement XRP ETFs see fading momentum While the XRP ETFs had started off very strong, recording significant daily gains as of the early days and weeks of launch, they have failed to maintain this strength. Following sustained crypto market volatility, the funds have continued to see weak performances, recording little to no capital intake in recent days. #XRP #XRP Price Prediction #ripple #XRP ETF