XRP Price Correction: Major Sell-Off Amid Profit-Taking on Bitso Exchange

• XRP’s price is currently undergoing a correction following recent significant gains.
• Some XRP holders are reportedly taking profits by selling portions of their holdings, contributing to increased selling pressure.
• A major transaction involving 25.2 million XRP coins, worth approximately $15.36 million, was recently moved to the Bitso exchange, potentially impacting the coin’s price.

Discover the latest on XRP’s price correction and understand the factors influencing its current market position in our comprehensive analysis.

XRP Price Correction Amid Profit-Taking

The recent price correction of XRP has coincided with a noticeable activity among its holders. Many of these investors appear to be seizing the opportunity to lock in their profits by selling a portion of their XRP assets. This selling activity is evident through substantial transactions that have been flagged by blockchain monitoring tools such as Whale Alert.

Impact of Whale Movements on XRP

One such notable transaction involved the transfer of approximately 25.2 million XRP coins to the Bitso exchange, equating to around $15.36 million at prevailing market rates. Bitso, being one of the major centralized exchanges for XRP, is frequently utilized by traders to liquidate their holdings. This move is perceived as a bearish signal for XRP, exerting additional downward pressure on its price during this correction phase.

XRP’s Recent Market Dynamics

Currently, XRP is trading at $0.5851, reflecting a 5.18% decline in the past 24 hours. The trading volume has also significantly reduced by 51.41%, now standing at $2.6 billion. Despite this short-term bearish trend, it’s important to recognize that XRP has still recorded an impressive 32.47% increase over the past month. This kind of corrective phase can be seen as a typical price movement to maintain market health and stability.

Conclusion

In summary, recent profit-taking by XRP holders has led to significant selling pressure, contributing to the current price correction. However, considering XRP’s overall positive performance over the past 30 days, this dip might just be a temporary setback. As the selling pressure diminishes, there is potential for XRP to resume its upward trajectory, making it crucial for investors to stay informed about market trends and movements.