XRP Plummets and Whales Dump Holdings: Crypto News Digest

Stay updated on the latest cryptocurrency news. Read about XRP's price drop, Shiba Inu's potential reversal, and Ethereum whales selling off their holdings.

Posted 8 months ago in Market Analysis

Image description: A candlestick chart showing the dramatic drop in XRP's price alongside increasing trading volume. U.Today's crypto news digest will not let you miss any of the industry's most important events! XRP plummets dramatically, market has answer. XRP's price has significantly declined over the last two weeks, dropping from $0.6436 to a low of $0.4966. This signifies a major shift that left many investors perplexed. One of the most intriguing aspects of this drop is the sudden surge in both adjusted and real trading volume. When this surge in volume comes together with a price decrease, it often indicates more bearish sentiment. In XRP's case, it seems that large whales might be dumping their holdings, especially at local resistance levels. Additionally, XRP has been held down by the 200 EMA for over a month, which suggests that the market does not have enough bullish momentum to push its price upward. Shiba Inu (SHIB) might see shocking reversal. Shiba Inu currently finds itself in a bearish phase, as does the entire cryptocurrency market. The meme coin is down 91.76% from its all-time high of $0.000088 in October 2021. The asset's profitability has also drastically decreased, standing at only 11%. In light of this, Shiba Inu team member Lucie offered a reassuring take on SHIB's price. According to Lucie's recent X post, she estimated a bottom in 2022 and, based on this analysis, predicted that Shiba Inu might soon see a shocking reversal, possibly in weeks and perhaps from October to November. Massive Ethereum whale continues to sell, shifting 5,040 ETH. According to data provided by Lookonchain, yesterday, a large ETH whale withdrew 5,040 ETH worth $8.17 million from Binance. Since Sept. 5, this whale has withdrawn 24,548 ETH valued at $40 million, with an average withdrawal price of $1,631. Lookonchain also reported that on Sept. 19, another whale, which had been dormant for two years, awakened and sent 30,000 ETH (almost $50 million) to Binance, OKX, and KuCoin. As reported by U.Today on Tuesday, even Ethereum cofounder Vitalik Buterin himself moved his funds recently, sending 300 ETH (about $493,000) to Kraken. The moves had an impact on the asset's price; Ethereum has lost the $1,600 level and is trading at $1,597 at the moment of writing.

Last updated 9/23/2023, 9:18:16 AM


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