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Ripple (XRP) coin price has slightly recovered today with just hours left until the end of October. Meanwhile, Bitcoin has dropped below $26,800 again as expected due to the spot ETF rejections. The king cryptocurrency has been causing significant damage to altcoins after a period of weak gains followed by rapid declines.
Ripple (XRP) Comments
After the massive gains in the altcoin markets this week, Ripple (XRP) price surpassed the $0.54 region. However, it has now returned to the $0.52 region due to the recent drop in BTC. On-chain data reflects abnormal movements by whales.
XRP coin has failed to reclaim the $0.55 region despite the double-digit increases in many altcoins. The overwhelming price action in September seems to have alarmed some significant stakeholders. The XRP price briefly reached $0.53 on September 20, setting its monthly peak, but today we saw a slightly higher peak.
XRP Coin Whales’ Commentary
As the popular cryptocurrency price reaches new highs, it encounters profit-taking by whales. Whale investors holding between 10 million and 100 million XRP had a cumulative balance of 3.36 billion XRP coins on September 22. However, today’s figures indicate that the total accumulation has dropped to 3.03 billion.
Whales who sold 330 million XRP in the past week took advantage of the selling opportunity. The total sales at the current price amount to approximately $165 million. Considering the overall negativity in the market and the lack of belief in the rallies, we cannot say that the sales are abnormal.
If this trend among whales continues, selling pressure on exchanges may strengthen. With the participation of individual investors in this selling wave, we may witness a grim scenario for XRP coin.
In a possible bearish scenario, if the price closes below $0.5, bears may pull the price down to the $0.4 support. To continue the upward movement, the price will need to surpass $0.6. Tests below this region are being suppressed by short-term investors’ profit-taking. Indeed, this was the challenge the price faced as it approached the $0.55 region. It could be beneficial for bullish investors to see convincing closes above $0.55.
