Ripple whales would be responsible for XRP’s next bull run and this is why
Sharing a statistically significant positive correlation with Bitcoin [BTC], the price of Ripple’s XRP has been impacted by the price decline suffered by the king coin in the past seven days. Exchanging hands at $0.3422 at press time, the price per XRP dropped by 12% within that period. So far this month, the token has declined by 14%. This comes after XRP’s price rallied by over 15% in July.
Impacted by the series of liquidations that hit the cryptocurrency market, XRP has suffered $1,586,572 in liquidations in the last 24 hours. The fall in the price of the token led to a decline in its trading volume. Standing at 1.32 billion at press time, XRP’s trading volume declined by 19% in the past 24 hours.
Source: Santiment
On a daily chart, XRP had traded in a tight range since 31 July. Posting a double-digit decline during the intraday trading session of 19 August broke the tight range in a downtrend. With a decline in XRP accumulation in the last few days, its Relative Strength Index (RSI) breached the 50-neutral region in a downtrend to be pegged at 38 as of this writing. Also indicating a hike in selling pressure, the token’s Money Flow Index (MFI) was 39 at press time.
Source: TradingView
On-chain data revealed a decline in the token’s network activity since the beginning of August. The index for active addresses transacting XRP tokens daily has dropped by 31% in the past 20 days. Furthermore, the rate at which new addresses joined the network since the month started has slowed. At the time of writing, this figure declined by 17%.
Source: Santiment
However, regardless of the decline in network activity in the past few days, XRP logged significant whale activity before the close of trading hours on 19 August. According to
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