Bitcoin
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$58,243.00 0.86235
Bitcoin price
Ethereum
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$3,136.80 0.15354
Ethereum price
BNB
BNB (BNB)
$533.37 0.76646
BNB price
Solana
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$138.97 -0.01697
Solana price
XRP
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$0.4628310 4.31844
XRP price
Shiba Inu
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$0.0000165 0.08454
Shiba Inu price
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$0.0000089 -3.49179
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$0.0000229 -8.32662
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Bitcoin
Bitcoin (BTC)
$58,243.00 0.86235
Bitcoin price
Ethereum
Ethereum (ETH)
$3,136.80 0.15354
Ethereum price
BNB
BNB (BNB)
$533.37 0.76646
BNB price
Solana
Solana (SOL)
$138.97 -0.01697
Solana price
XRP
XRP (XRP)
$0.4628310 4.31844
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000165 0.08454
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000089 -3.49179
Pepe price
Bonk
Bonk (BONK)
$0.0000229 -8.32662
Bonk price
Bitcoin
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$58,243.00 0.86235
Bitcoin price
Ethereum
Ethereum (ETH)
$3,136.80 0.15354
Ethereum price
BNB
BNB (BNB)
$533.37 0.76646
BNB price
Solana
Solana (SOL)
$138.97 -0.01697
Solana price
XRP
XRP (XRP)
$0.4628310 4.31844
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000165 0.08454
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000089 -3.49179
Pepe price
Bonk
Bonk (BONK)
$0.0000229 -8.32662
Bonk price
Bitcoin
Bitcoin (BTC)
$58,243.00 0.86235
Bitcoin price
Ethereum
Ethereum (ETH)
$3,136.80 0.15354
Ethereum price
BNB
BNB (BNB)
$533.37 0.76646
BNB price
Solana
Solana (SOL)
$138.97 -0.01697
Solana price
XRP
XRP (XRP)
$0.4628310 4.31844
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000165 0.08454
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000089 -3.49179
Pepe price
Bonk
Bonk (BONK)
$0.0000229 -8.32662
Bonk price

XRP price loses final support amid whale transactions

xrp-price-loses-final-support-amid-whale-transactions
Edited by
Markets
XRP price loses final support amid whale transactions

XRP price lost a crucial support on Thursday as a sea of red engulfed the crypto market.

The XRP token dropped to $0.4400, its lowest level since April and 41% below its highest level this month.

Ripple, one of the biggest cryptocurrencies in the industry is facing substantial challenges, which partly explains why its token has dropped recently. 

On-chain data paints a picture of a network that is no longer growing. According to XRP Scan, the number of unique addresses that were active as senders have dropped from 50,000 in January to 5,850 today. 

Additional data reveals that the number of transactions dropped from a high of 6.8 million in January to just over 1 million. 

XRP transactions

XRP Transaction count

Also, the number of payments from one account to another have fallen from almost 6 million in December to 1.1 million. 

The weakness comes at a time when investors are concerned with the market positioning of Ripple’s network in the financial services industry. Ripple Labs’ original idea was to help companies like banks do cross-border transactions faster.

Today, these institutions have better alternatives, such as stablecoins. For example, ANZ Bank, a leading Australian company, demonstrated how customers could use Chainlink’s CCIP to transfer its issued stablecoins to move money.

Meanwhile, XRP whales are dumping the token. Data by Whale Alert showed that a whale moved tokens worth $15 million to Bitso on Wednesday. On the sane day, another whale moved tokens worth $14.8 million to Bitstap. Altogether, whales have sold XRP tokens worth $60 million this week.

XRP price crosses key support

XRP price

Ripple is also at risk technically. It formed a double-top pattern at $0.7485, its highest point in November last year and March 2024. In technical analysis, a double-top pattern is a good signal of more downside. 

XRP has now moved below this pattern’s neckline at $0.4872. It also formed a death cross on April 20th as the 200-day and 50-day moving averages crossed each other. 

On Thursday, it then lost its final support when it dropped below $0.4557, where it struggle to move below since May. That could be a signal that bears have prevailed, which could push the XRP price much lower.