- XRP’s forward momentum has ended, trading at $2.13 with 31% losses in February
- Active addresses on the XRP network have fallen by more than half over the last two months
- Crypto whales appear to be buying more XRP amidst the dip while short-term traders sell
The world’s second-largest altcoin by market capitalization has indeed seen better days. Following its stupendous momentum that started in November of last year and culminated in XRP’s highest-ever price of $3.40 — the asset’s forward momentum appears to have ended for now.
As of February 28, XRP has lost its key support of $2.20 — currently trading at $2.13. The asset trades at a 2.73% deficit over the last 24 hours, adding up to over 31% losses in February.
XRP is currently down 37% from its all-time highest price on January 16. Moreover, while the entire cryptocurrency market is experiencing losses, Ripple’s altcoin appears to have become more prone to bearish movements, losing almost twice as much value as Bitcoin throughout the month.
This negative sentiment led quite a few investors to leave the market. A recent report reveals that active addresses on the XRP network have fallen by more than half over the last two months.
XRP Whales Buying the Dip?
Interestingly, crypto whales holding XRP have shown an interesting action this week.
Amidst this week’s downturn, the amount of XRP held in addresses with balances $1,000,000 or greater has gone up on February 23, following another spike in volume on February 26. Meanwhile, wallets holding $1,000 or more in XRP have continued to sell.Â
A recent insight from Santiment, reported by The Coin Republic corroborates the idea that cryptocurrency whales may be buying more XRP amidst this dip. According to the post, cryptocurrency whales have been increasing their holdings while short-term traders sell.
Just yesterday, an anonymous investor acquired 65,000,000 $XRP — over $144 million —according to Brett Crypto on X.Â
However, this data doesn’t really confirm whales are betting on a new XRP rally. It just as likely could be scalping volatility zones, taking advantage of short-term price movements.
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