Sharing a statistically significant positive correlation with Bitcoin [BTC], the price of Ripple’s XRP has been impacted by the price drop that the king coin has suffered over the past seven days. With a hand exchange of $0.3422 at press time, the price per XRP is down 12% over the period. So far this month, the token is down 14%. This comes after the price of XRP surged over 15% in July.
XRP in the last 24 hours
Affected by the series of liquidations that have hit the cryptocurrency market, XRP has suffered $1,586,572 in liquidations over the past 24 hours. The token’s price drop led to a drop in trading volume. XRP trading volume, which stood at 1.32 billion at press time, is down 19% over the past 24 hours.
Source: Santiment
On a daily chart, XRP has been trading in a tight range since July 31st. A double digit decline during the Aug. 19 intraday trading session broke the tight range in a downtrend. With a drop in XRP accumulation over the past few days, its Relative Strength Index (RSI) broke the 50 neutral zone in a downtrend, which is set at 38 as of this writing. The token’s Money Flow Index (MFI) is at 39 at press time, also suggesting an increase in selling pressure.
Source: TradingView
A story from 20 days
On-chain data showed a drop in the token’s network activity since early August. The index of active addresses trading XRP tokens daily is down 31% over the past 20 days. Additionally, the rate at which new addresses have joined the network since the beginning of the month has slowed. At the time of writing, that number was down 17%.
Source: Santiment
However, despite the drop in network activity over the past few days, XRP saw significant whale activity ahead of the close on August 19. According to data from HolyThe token saw 452 whale transactions of $100,000 and above, the highest number since May. The token’s weighted sentiment was also at 1.013 as of this writing, its highest since April.
Source: Santiment
It is worth noting that whale addresses holding between 10,000 and 10,000,000 XRP tokens have gradually increased their XRP holdings over the past six months. This is despite the fact that the price has been declining since November 2021 and is currently trading at February 2021 levels.
Source: Santiment
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