XRP Is Down, but Ethereum and Solana Are Worse

• XRP dropped to $1.96, an 8.81% fall in 24 hours, though it fared better than Ethereum and Solana on 30-day losses and year-to-date performance
• Whale Alert identified a $365 million XRP transfer between anonymous wallets, sparking speculation about whale activity while significant selling pressure persists
• Ripple’s XRP saw whale token acquisitions last week amid market-wide bearish conditions, with next week’s FOMC meeting expected to influence investor sentiment further

Bears have taken over the cryptocurrency market over the last week. Nearly all coins like Bitcoin, Ethereum, and Solana are down, and XRP is no different. 

XRP buyers stood strong to defend the $2.00 level on March 10—but eventually succumbed to the immense selling pressure seen on this day. Currently, Ripple’s altcoin trades at $1.96 according to CoinMarketCap, down 8.81% over the last 24 hours. 

While the scenario is still bad, holders may find solace in the fact that—when compared to other altcoins in the top 10 by market capitalization—XRP is holding on better than the competition. 

On a 30-day period, XRP’s 19.13% depreciation beats Ethereum and Solana which lost 30.98% and 41.74%, respectively. Moreover, the year-to-date performance from XRP far outweighs the losses seen against the competition. While Ripple’s altcoin only lost 4.94% since January 1st, assets like Ethereum lost as much as 45.08% in the same timeframe. 

XRP Whales On the Move

A recent report by Whale Alert regarding a transaction involving $365 million in XRP has stirred up speculations regarding whales investing in XRP. According to the post, an anonymous investor has moved 167,075,744 XRP to an unknown wallet.

When a whale transfers money from one anonymous wallet to another, it basically can mean anything. Differently from when money is transferred to an exchange, which increases the likelihood of a token swap or even withdrawal, such transfers between anonymous wallets remain open-ended.

That is not to say whales haven’t been active on the XRP market. According to movements from wallets holding $10 million or more in XRP, whales spiked their token acquisition two times last week. 

However, the selling pressure over the currency continued throughout the week. While this week’s massive dent in the market could prove shortlived (or not), next week’s FOMC meeting will certainly draw a lot of attention from investors. 

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