How Close Is Ripple (XRP) Price To Market Bottom; Here’s More
Ripple XRP Price News: As the long wait for Ripple SEC lawsuit judgement drags on, the XRP price is on a constant decline in the last quarter. Amid price drop and macroeconomic headwinds, the XRP whales continue to accumulate more of the sixth ranked cryptocurrency. Meanwhile, small and retail traders seem to be slowly losing interest in the project. This could also mean that the traders are trying to protect their investments until the SEC case judgement arrives.
Also Read: Why XRP Price Is Not Rallying? Ripple CTO Clarifies
XRP Near Market Bottom
Interestingly, the current XRP price is at the bottom of an almost triangular formation. When looked at the cryptocurrency’s price since March 2020, XRP was on an upward curve until the bull run in the middle of 2021. Since then, constant fluctuations brought the price all the way down to the 2020 price level. This is increasingly leading to the belief that the cryptocurrency’s price is close to the crypto market bottom.
In this context, the whales are continuing their XRP buying spree. Importantly, historical data shows that these whales are capable of impacting the coin’s price. On the other side, data on XRP trading on Binance shows that the traders are experiencing a bearish environment currently. Whereas, the retail traders are currently bearing an average loss of -7%, based on the calculation of Market Value by Realised Value (MVRV) ratio. According to Santiment Insights,
“Over the past six months, the group of XRP holders who own between 1 million and 10 million XRP has increased their holdings by 25%.”
Also Read: How Solana Meme Token BONK Sharp Selloff Will Impact SOL Price?
As of writing, $0.3488, up 0.99% in the last 24 hours, according to price tracking platform CoinMarketCap. Over the last one week, the cryptocurrency’s price is down by around 2.80%. Whereas Bitcoin (BTC) price is up by around 0.91% over the last seven days.
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