Wealthy XRP Holders Liquidate over 1 Billion Dollars in Assets as XRP Price Drops by $3
In the cryptocurrency world, the price of XRP has been experiencing turbulence, with the billion-dollar whale exit being the main story affecting the digital asset.
Recent data indicates a heavy dump of XRP, with whale wallets unloading nearly $1 billion worth of coins. These identified wallets hold between 10 million to 100 million XRP and have offloaded approximately 700 million coins since early August.
The current price pattern shows $3.10 as previous support and now resistance for XRP. Each attempt to push higher for XRP has been met with more sales, and order books are lighter than they were just weeks ago. The price of XRP dropped from $3.35 to $2.90, reaching as low as $2.85 on Aug. 20, before recovering slightly.
The area of interest is the $2.80 zone due to potential price drop and relevance of the $2.50 summer base, which could become relevant again if the $2.80 zone gives way.
The market is suffering as a result of the $1,000,000,000 worth of XRP leaving millionaire wallets. However, the reason behind this exit could be due to profit-taking, coins moving to other networks or exchanges, or straight cashing out. No detailed public information or disclosed background for this action was found in the search results.
The price of XRP is currently struggling to stay above $3, but the future remains uncertain. Keep an eye on XRP News and Ripple News for updates on this developing story.
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