Ripple Rattles Market with Successive XRP Sell-Offs

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As per Whale Alert’s data, a sizable 46,340,000 XRP was transferred to an undisclosed wallet on January 30th, equivalent to a staggering $24.7 million at the current market value. Further investigation conducted by AZC News revealed that this transaction was not an isolated incident but rather part of a continuous trend over the preceding days.

XRP Reacts Swiftly to the Latest Developments

On January 28th, a noteworthy 27.7 million XRP, valued at more than $14.4 million, migrated from an unidentified wallet to Bitstamp. A parallel occurrence took place on January 29th, with 27.1 million XRP, totaling over $14.5 million, making their way from another mysterious wallet to Bitstamp. In summary, the cumulative XRP transferred to exchanges within the past three days exceeds 100 million, suggesting a potential intention for liquidation.

In response to these recent developments, XRP’s trading volume on Santiment exhibited a discernible surge starting from January 28th, coinciding with the initiation of significant transfers. On that date, the altcoin’s trading volume reached $493 million. Subsequently, it surged to over $900 million on January 29th and skyrocketed to $1.2 billion by January 30th.

As of the latest update, the trading volume has surpassed $1.8 billion, indicating a substantial uptick in trading activity over the past three days. The price trend aligns with this heightened trading volume, underscoring its influence on market dynamics.

On January 29th, XRP concluded the day with a modest uptick, recording a gain of more than 2% in value. This followed a marginal decline of over 1% in the preceding day. However, a shift occurred over the subsequent two days, as XRP sustained consecutive losses. By the closing of trading on January 30th, its value had depreciated by over 4%, settling at approximately $0.51.

As of the latest update, XRP continued to experience a decline of over 1%, with its current trading value hovering around $0.50. Adding to the bearish sentiment, the Relative Strength Index (RSI) approached the oversold zone, indicating a pronounced bearish trend.

Ripple Traders Dial Down Aggression amid Market Shifts

The behavior of Ripple traders reflected a decrease in aggression. The Funding Rate for XRP exhibited a waning level of buyer enthusiasm, as illustrated by the Coinglass chart. Although the Funding Rate maintained a positive stance, it displayed a recent descent, settling at around 0.006% at the time of writing. Notably, the last instance of the Funding Rate reaching this low was observed on January 3rd, aligning with a notable price decline of over 6%.