In a tumultuous 24-hour period for the cryptocurrency market, XRP, the digital asset backed by Ripple, along with many other digital currencies, faced a significant decline, leading to significant sell-offs. More than $103 million in long trades were sold during this period, according to Coinglass data.
XRP had a notable mini-flash crash, plummeting to a psychological support level of around 45 cents. However, it stabilized during the early Asian market on Tuesday, trading at around 49 cents. All this happened at a time when the general sentiment in the crypto market was pessimistic and bearish, mainly due to the Israeli-Palestinian conflict and other global issues.
Whale watching
A detailed sentiment from market intelligence platform Santiment showed fewer large trades on the , however, continued to buy.
These accounts include $7.89 billion, a notable increase from $7.16 billion a year ago. Although these whales and sharks own approximately 26.8% of the total XRP supply, their overall on-chain activity has declined significantly over the past twelve months.
Also Read: Top Reasons Why XRP Price Could Cause a Bull Run Ahead of the Other Major Cryptos in the Market
Legal Things are heavy
The ongoing legal battle between the SEC and Ripple appears to be coming to an end, and signs point to a positive outcome for XRP, possibly declaring it not a security. Analysts are hopeful that the price of XRP will rise, similar to what happened during the 2017 bull market. And even though the price of are for the future.
It will be better!
While the crypto market experiences rapid ups and downs, XRP has shown strength by bouncing back quickly after a brief decline. The continued accumulation of whale bills and a potentially favorable legal outcome paint a cautiously optimistic picture for the digital asset. Investors are keeping a close eye on what happens next, given the potential impact of global events and legal decisions on XRP in the coming months.
Read more: XRP community gears up for possible Ripple-SEC settlement talks
