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XRP price down 16% in 30 days, deeper correction coming?
XRP’s price has slumped over the past month amid a decline in network activity and weakening demand from investors. Will the token continue to see more corrections ahead?
Summary
XRP price has fallen 16.8% in the past month.The amount of XRP held across smart money wallets has dropped nearly 80%.XRP is trading below key moving averages and risks further correction.
According to data from crypto.news, XRP XRP-1.24% XRP was trading at $2.93, up 19% over the last 3 months and 63% higher than its year-to-date low. The third-largest cryptocurrency by market cap stood at $173.8 billion, with a daily trading volume of $6.4 billion.
Much of these gains came amid investor hype after Ripple, the company behind XRP, secured a decisive win in its years-long legal battle with the U.S. Securities and Exchange Commission.
Part of the gains also came as investors anticipate the launch of a spot XRP ETF soon, which could unlock fresh institutional demand for the token.$XRP
Despite XRP’s notable performance this year, there are signs the token could be poised for a correction. The token has already dropped 16.8% over the past month after hitting its year-to-date high last month.
Current data from Nansen shows that the balance of XRP held by smart money investors has dropped 80% over the past 30 days. This presents a risk, as such investors often reduce exposure ahead of market weakness. Retail investors tend to follow these moves, which can amplify price corrections for the token. #xrp
Summary
XRP price has fallen 16.8% in the past month.The amount of XRP held across smart money wallets has dropped nearly 80%.XRP is trading below key moving averages and risks further correction.
According to data from crypto.news, XRP XRP-1.24% XRP was trading at $2.93, up 19% over the last 3 months and 63% higher than its year-to-date low. The third-largest cryptocurrency by market cap stood at $173.8 billion, with a daily trading volume of $6.4 billion.
Much of these gains came amid investor hype after Ripple, the company behind XRP, secured a decisive win in its years-long legal battle with the U.S. Securities and Exchange Commission.
Part of the gains also came as investors anticipate the launch of a spot XRP ETF soon, which could unlock fresh institutional demand for the token.$XRP
Despite XRP’s notable performance this year, there are signs the token could be poised for a correction. The token has already dropped 16.8% over the past month after hitting its year-to-date high last month.
Current data from Nansen shows that the balance of XRP held by smart money investors has dropped 80% over the past 30 days. This presents a risk, as such investors often reduce exposure ahead of market weakness. Retail investors tend to follow these moves, which can amplify price corrections for the token. #xrp
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