XRP News: XRP Ledger Records Massive Drop in Whale Activity amid 7.18M ETF Outflows
Highlights
- XRP whale activity on the XRP Ledger is dropping gradually.
- Number of transactions worth more than $1 million drop from 70 to just 2 in a week.
- XRP price continues to remain under selling pressure amid weekly ETF outflow and US-Iran war.
In the latest XRP news, the XRP Ledger has recorded a significant decline in whale transactions last week. It comes amid huge outflows from US spot XRP ETFs and the US-Iran war escalation, eroding institutional interest regarding potential XRP price recovery.
XRP Whale Transactions Drop Sharply, Reveals XRP Ledger Data
Crypto analyst Ali Martinez pointed out that whale activity on the XRP Ledger has declined significantly. He shared Santiment data highlighting a massive drop in the number of transactions worth more than $1 million from 70 over the past week to just 2.
A gradual drop in large whale transactions signals reduced demand for crypto asset and the blockchain. The analyst noted that the cooling whale activity could indicate a consolidation phase.
This comes amid another news of $7.18 million in net outflows from spot XRP ETFs last week. The weekly XRP ETF outflow hit a 4-month low, indicating fall in institutional interest, primarily due to the US-Iran war escalation. Iran targeted US bases in Middle East countries, including Jordan, Kuwait, and Bahrain, today.
The shift in institutional flows contributed to downward pressure on XRP price action. Meanwhile, market participants eye the XRP Ledger 3.2.0 upgrade to scale tokenization and DeFi capabilities.
As CoinGape earlier reported, the XRP Whale Flow 30-DMA indicator flipped negative for the first time in nearly 4 months. This indicated selling pressure among whales and potential correction amid renewed distribution over the past few weeks.
Prices Drop amid Falling Demand
XRP price fell to a 24-hour low of $1.06 from $1.10 in the past 24 hours. But the price has since rebounded to $1.07 amid an 18% rise in trading volume over the past 24 hours.
Analyst Ali Martinez earlier pointed out that XRP price could find support at $0.90. He highlighted that the UTXO Realized Price Distribution (URPD) on-chain data showed $0.80, $0.62, and $0.51 as key support levels to watch.
However, XRP futures open interest climbed nearly 0.75% to $2.29 billion in last 4 hours. The total open interest climbed 0.29% on CME and more than 1.20% on Binance, signaling buy among derivatives traders.
For retail and derivatives traders looking to capitalize on this volatility, executing transactions on the leading crypto trading platforms with lowest fees can significantly preserve capital.
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