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Bullish
📊 $XRP enters death spiral as $25 billion wiped in a day
XRP has witnessed a massive price crash, significantly underperforming the general cryptocurrency market, which remains volatile following the rollout of tariffs by the Donald Trump White House.
The latest drop has invalidated XRP’s recent push to hold its price above the $3 mark in pursuit of a new all-time high.
At the time of writing, the token was trading at $2.50, reflecting daily losses of over 15%, while on the weekly chart, XRP is down almost 20%. At one point on February 3, XRP saw a sharp decline of about 40% within 13 hours before recovering slightly.
Massive capital outflows have accompanied this price plunge. In this case, XRP’s market cap currently stands at $138.09 billion, a total drop of $23.97 billion in the last 24 hours. On a weekly timeframe, the asset has wiped out $32.96 billion, according to CoinMarketCap data.
🔸 Whales dumping #XRP
Amid this trend, whale investors have also been on a selling spree as XRP showed increasing signs of weakness.
Specifically, data shared by prominent on-chain cryptocurrency analyst Ali Martinez in an X post on February 3 indicated that whales sold off more than 130 million XRP within 24 hours.
It remains to be seen whether the full impact of this offloading has been realized, given the potential for increased volatility following Ripple’s release of another 1 billion XRP from escrow.
Despite the current bearish movement, sentiment around XRP remains bullish in the long term, particularly from a regulatory standpoint. There is anticipation that the Securities and Exchange Commission (SEC) will soon decide on the Ripple case, potentially terminating the legal suit or reaching a settlement in favor of the blockchain company.
Indeed, the resolution of this case could be monumental for the asset, especially since XRP’s recent price breakout was partly driven by speculation of friendly regulation under the Trump administration.
XRP has witnessed a massive price crash, significantly underperforming the general cryptocurrency market, which remains volatile following the rollout of tariffs by the Donald Trump White House.
The latest drop has invalidated XRP’s recent push to hold its price above the $3 mark in pursuit of a new all-time high.
At the time of writing, the token was trading at $2.50, reflecting daily losses of over 15%, while on the weekly chart, XRP is down almost 20%. At one point on February 3, XRP saw a sharp decline of about 40% within 13 hours before recovering slightly.
Massive capital outflows have accompanied this price plunge. In this case, XRP’s market cap currently stands at $138.09 billion, a total drop of $23.97 billion in the last 24 hours. On a weekly timeframe, the asset has wiped out $32.96 billion, according to CoinMarketCap data.
🔸 Whales dumping #XRP
Amid this trend, whale investors have also been on a selling spree as XRP showed increasing signs of weakness.
Specifically, data shared by prominent on-chain cryptocurrency analyst Ali Martinez in an X post on February 3 indicated that whales sold off more than 130 million XRP within 24 hours.
It remains to be seen whether the full impact of this offloading has been realized, given the potential for increased volatility following Ripple’s release of another 1 billion XRP from escrow.
Despite the current bearish movement, sentiment around XRP remains bullish in the long term, particularly from a regulatory standpoint. There is anticipation that the Securities and Exchange Commission (SEC) will soon decide on the Ripple case, potentially terminating the legal suit or reaching a settlement in favor of the blockchain company.
Indeed, the resolution of this case could be monumental for the asset, especially since XRP’s recent price breakout was partly driven by speculation of friendly regulation under the Trump administration.
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