Ripple’s native cryptocurrency XRP has had a bearish September, with its current trading price at $0.52. At the beginning of the month, XRP was trading around the $0.50 price level. Throughout the month, XRP mostly traded within the range of $0.48 and $0.51.
Although the coin occasionally breached the price range, the most significant price movement occurred on September 11th when XRP fell by 4.5% from $0.49 to $0.46. However, just a couple of hours ago, XRP reached a monthly high of $0.54, experiencing a price movement of 3.6% today. Throughout the day, XRP gained a value of 5%.
Despite this recent spike in XRP’s value, it may be short-lived as whales in the market have recently sold off 330 million XRP tokens, amounting to over $165 million in dollar terms.
Data shown in the graph below reveals that the whales holding 10 million to 100 million XRP tokens had a cumulative balance of 3.36 million on September 22nd. However, as of now, their balance has depleted to 3.03 million. This indicates that from September 22nd to 29th, the whales have sold 330 million XRPs into the market. As a result of this selling spree, the balance of XRP whales has fallen below the level it was at on September 1st.
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Today’s spike in XRP’s value may further encourage the whales and short-term traders to sell off their positions for a reasonable profit. This could potentially worsen the supply-demand gap, leading to a decline in XRP’s value.
Currently, XRP is receiving strong support from the $0.49 price level, as it has not breached this level since September 15th. However, any breach below $0.49 may result in a significant fall in XRP’s value.
Overall, XRP’s September has been marked by fluctuations in its value, with the coin experiencing both highs and lows. The recent selling pressure from whales could impact the coin’s value in the short term. Traders and investors should closely monitor the movement of XRP and be cautious of potential price declines.
