- Ripple is roiling the market with XRP dumps.
- XRP lost more than 5% with consecutive declines.
According to data from Whale alertRipple transferred 46,340,000 XRP to an unknown wallet on January 30, which amounted to over $24.7 million at the time of writing.
Further analysis by AMBCrypto revealed that this transfer was not new; this had been going on for a few days.
On January 28, 27.7 million, worth over $14.4 million, were moved from an unknown wallet to Bitstamp.
Similarly, on January 29, 27.1 million XRP, worth over $14.5 million, was transferred from an unknown wallet to Bitstamp.
In summary, over 100 million XRP assets have been transferred to exchanges in the last three days, presumably for sale.
XRP responds to recent developments
AMBCrypto’s survey of XRP volume on Santiment showed a noticeable increase from January 28, coinciding with the first observed significant transfer.
On this date, the altcoin’s volume on January 28 was $493 million. It then rose to over $900 million on January 29 and rose to $1.2 billion on January 30.
At the time of writing, volume was over $1.8 billion, indicating a substantial increase in trading activity over the past three days.
Source: Santiment
When AMBCrypto examined the daily time frame, we found that the price trend underlined the dominance of trading volume.
On January 29, XRP closed the day with an increase in value of more than 2%. The day before, it had experienced a drop in value of more than 1%.
Source: trading view
However, over the past two days, XRP has seen consecutive declines. By the end of trading on January 30, it had lost more than 4% in value and was trading around $0.51.
At the time of writing, the stock was down more than 1%, trading around $0.50. Moreover, the Relative Strength Index (RSI) was approaching the oversold zone, indicating a strong bearish trend.
Realistic or not, here is the XRP market cap in terms of BTC
Ripple traders are becoming less aggressive
AMBCrypto also found that XRP’s funding rate showed a decreasing level of buyer aggression. The Mint glass The graph showed that although the financing rate remained positive, it had recently fallen.
At the time of writing, the financing interest rate was approximately 0.006%. The last time the financing interest rate was this low was on January 3, which coincided with a price drop of more than 6%.