XRP Whale Transactions Surge Amid Price Slump
XRP (XRP) whale transactions have experienced a significant increase, rising by a massive 198% in the past 24 hours. This surge in activity comes as the cryptocurrency faces a massive sell-off that has caused its price to drop to the $0.51 support level.
Validation from Santiment
Data from Santiment confirms this trend, showing a surge in XRP whale engagement. Notably, transactions valued at least $100,000 saw a significant decline on Jan. 27 and 28, falling below both the 400 threshold and the monthly average.
Mild Uptick and Resistance
However, these transactions saw a slight increase on Jan. 29 as XRP capitalized on Bitcoin’s resurgence for a potential trend reversal. The asset briefly retested $0.54 but encountered strong resistance at that level, resulting in a substantial price decline.
Spike in Large Transactions
During the ongoing price declines, XRP transactions valued at $100,000 and above experienced a notable spike, reaching a yearly peak of 1,827. This represents a staggering 198% increase compared to Jan. 29.
Increase in Social Activity
Alongside the surge in large transactions, XRP’s social activity has also seen an equivalent increase. According to Santiment, social volume for XRP has surged by 105% in the past 24 hours, reaching a yearly high.
XRP Struggles to Maintain $0.51 Support
The surge in large transactions and social volume coincides with the recent collapse of XRP’s price. Despite recent progress in the XRPL ecosystem, including network updates and growing support for native AMM features, the token has struggled to retain the $0.51 support.
Current Price and Bearish Pressure
XRP is currently trading at $0.5095, with bears aiming to push the price below $0.50. If this level is breached, the $0.4962 support will come into play. To regain strength, XRP must surpass $0.5264.
Hot Take: XRP Faces Uphill Battle Amidst Price Slump
XRP’s recent surge in whale transactions and social activity has not been enough to prevent its price from plummeting. Despite progress in the XRPL ecosystem, the broader market’s lack of support has contributed to XRP’s struggle to maintain the $0.51 support level. As bears aim to push the price below $0.50, XRP faces an uphill battle to regain its position above $0.51.
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