Ripple’s XRP has been creating a buzz in the cryptocurrency world with its impressive performance. In the last 30 days, XRP has surged over 420%, outperforming major cryptocurrencies like Bitcoin, Ethereum, Solana, Binance Coin, and others.
Surpassing SOL, BNB, and USDT, XRP has now become the third-largest cryptocurrency by market cap. However, there are indications of a potential price correction or decline in the near future.
Coinglass data reveals that whales are offloading their XRP holdings as prices rise. Exchanges have seen significant inflows of $444.39 million in the past four days, suggesting that investors may be depositing XRP with the intention to sell.
Additionally, traders have shown strong interest in XRP, with open interest surging by 37.98% in the last 24 hours. This increased trader activity indicates a growing number of open positions in the market.
XRP is currently trading near $2.72, with a 43% upside momentum in the past 24 hours. The coin has also experienced a 390% rise in trading volume, indicating higher participation from traders and investors compared to previous days.
Overall, XRP’s performance has been impressive, but with potential signs of a price correction and increased selling pressure from whales, investors should proceed with caution. The cryptocurrency market is known for its volatility, and it’s essential to stay informed and make informed decisions when trading XRP.