The price of XRP fell by nearly 7% on November 21 as long-term holders of Ripple realized their losses. Meanwhile, Ripple whales continue to reduce their holdings.
The huge market uncertainty pulled down the global crypto market cap by around 2.50%, which was close to $802.43 billion. XRP, the seventh largest crypto by market capitalization, also felt the major heat of the market as its price plunged almost 7% in the past 24 hours.
XRP price action has been at the mercy of Ripple holders and whales as investors await summary judgment in the Ripple vs. SEC lawsuit. Amid huge market uncertainty, XRP price followed the market momentum as most of the top LTC followed the lead set by BTC.
Ripple social sentiment strengthens
Over the weekend, Ripple continued to attract media attention as major market blues and Ethereum selloff dragged down most of the price. On Saturday, CEO Brad Garlinghouse made headlines by saying that Ripple would be interested in acquiring parts of FTX.
The CEO claimed that Ripple is interested in acquiring parts of FTX that benefit trading customers and stakes in other companies. XRP saw a sharp jump in social volumes following his comments as the weighted sentiment turned positive.
After the spike on November 17, social volume and sentiment fell, but Garlinghouse’s comments managed to give the social metrics a slight bump. Despite the slight positive sentiment, the price could continue to slide in a big way due to ripple whales in the market and the reaction of holders.
holder at loss, ripple whale fled
The long-term market value of the realized value, or MVRV, has declined, indicating that long-term holders realized losses. Sentiment data shows that the 10-year, five-year, two-year, 180-day and 90-day MVRV ratios declined further as the price action worsened.
Also, data from Whale Alert revealed XRP whales were distributing their holdings as XRP flooded the market. On November 19, over 296 million XRP worth $113.75 million was moved from an unknown wallet to another unknown wallet.
More recently, On November 21, approximately nine million XRP worth $17.30 million was transferred from an unknown wallet to Bitstamp.
Another clearly bearish trend was that the largest whale cohort from 10 million to Infinite Coins dumped nearly a billion XRP over the past 10 days.
With XRP price trading at $0.3544, the short-term outlook for the coin has turned more bearish.
XRP price could be preparing more bearish, with long-term holders realizing losses and whales reducing their holdings. However, if the bearish thesis fails and volatility drives XRP price, higher bulls may target the $0.3800 resistance mark.
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