XRP experienced a steep 14% decline in value within the last 24 hours amid bearish market trends, dropping to $0.52 from a recent high of $0.66. The plummet was largely attributed to significant whale activity.
On-chain data from Whale Alert indicated several major transactions involving XRP, suggesting that influential entities are behind the recent price drop. Specifically, a whale transferred 17,940,000 XRP, approximately worth $10.3 million, from an unknown wallet to a Bitstamp exchange address.
Such moves could imply upcoming sales, as large exchange inflows typically lead to bearish outcomes. Further, three additional whale transactions involved a total shift of $37.9 million of XRP to various exchanges, possibly inciting further selling pressure.
While intentions behind these transactions could involve using exchange services aside from selling, the consistent price decline strongly implies a net increase in selling pressure on XRP. This underperformance stands out, as other major cryptocurrencies managed to contain their losses in the same period.
