Ripple (XRP) Price Remains Stagnant at $0.50 Despite Altcoin Gains
The price of Ripple (XRP) has failed to break the $0.55 mark, despite positive momentum in the altcoin market. This lackluster performance in September has caused concern among key stakeholders.
XRP Whale Investors Have Sold off 330 Million Coins This Week
After briefly reaching $0.53 on September 20, XRP saw a surge in selling activity from whale investors. Data shows that these investors, who hold between 10 million and 100 million XRP, have sold off 330 million coins in the last seven trading days.
These sold coins are worth approximately $165 million at the current market price. This significant selling activity could lead to an oversupply if demand does not match it. Additionally, the cumulative balances of whale investors are now lower than at the start of September, potentially influencing other stakeholders to take bearish positions.
Speculative Traders Are Betting Big on the Current Price Downtrend
Data from XRP derivatives markets suggests that speculative traders are also adopting a bearish outlook, similar to the whales. XRP Open Interest has been increasing this week, indicating that futures traders believe in the continuation of the current price trend.
This sentiment aligns with the bearishness of the whales and could result in a downtrend for XRP in October.
XRP Price Prediction: Possible Reversal Toward $0.40
If the selling pressure from whales intensifies in October, the XRP price could drop below $0.50. The Market Value to Realized Value (MVRV) ratio, which assesses the net financial position of current XRP holders, supports this prediction.
If the XRP price falls below $0.49, many investors may look to cut their losses, potentially causing a further decline toward $0.40.
Hot Take: XRP’s Struggle to Break $0.55 Raises Concerns for October
The current stagnation of Ripple (XRP) at the $0.50 range, despite positive momentum in other altcoins, has raised concerns among investors. The selling activity from whale investors and the bearish sentiment of speculative traders indicate a potential downtrend for XRP in October.
With 330 million coins sold off by whales recently and an increase in XRP Open Interest, the market could become oversupplied if demand does not match it. Additionally, the MVRV ratio suggests that XRP holders may start booking profits, causing a drop in price.
Overall, these factors point to a challenging month ahead for XRP, with a possible reversal toward $0.40.
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