- Ripple stirs the market with XRP dumps.
- XRP lost over 5% with consecutive declines.
According to data by Whale Alert, Ripple transferred 46,340,000 XRP to an unknown wallet on the 30th of January, amounting to over $24.7 million at press time.
Further analysis by AMBCrypto divulged that this transfer was not new — it had been going on for the past few days.
On the 28th of January, 27.7 million, valued at over $14.4 million, were moved from an unknown wallet to Bitstamp.
Similarly, on 29 January, 27.1 million XRP, worth over $14.5 million, were 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 examination of XRP’s volume on Santiment showed a noticeable increase starting from the 28th of January, coinciding with the first significant transfer observed.
On this date, the altcoin’s volume on 28 January had reached $493 million. Subsequently, it rose to over $900 million on the 29th of January and climbed to $1.2 billion by the 30th of January.
As of this writing, the volume was over $1.8 billion, indicating a substantial rise in trading activity over the past three days.
Source: Santiment
When AMBCrypto examined the daily timeframe, we found that the price trend underscored the dominance of the trading volume.
On the 29th of January, XRP concluded the day with a more than 2% increase in value. In the preceding day, it had experienced a decline of over 1% in value.
Source: Trading View
However, over the last two days, XRP has seen consecutive declines. By the end of trading on the 30th of January, it had lost over 4% in value, trading at around $0.51.
As of press time, it had experienced a decline of over 1%, trading at around $0.50. Additionally, the Relative Strength Index (RSI) was nearing the oversold zone, indicating a strong bearish trend.
Realistic or not, here’s XRP market cap in BTC’s terms
Ripple traders become less aggressive
AMBCrypto also found that XRP’s Funding Rate showed a diminishing level of aggression from buyers. The Coinglass chart showed that, while the Funding Rate remained positive, it had experienced a recent decline.
As of this writing, the Funding Rate was around 0.006%. The last instance of the Funding Rate being this low was on the 3rd of January, coinciding with a price decline of over 6%.
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