Ripple’s native token XRP, has been in an upward trend since the beginning of February, but the price has been quite volatile in recent days. The altcoim, which had previously fallen by more than 2%, experienced a comeback that surprised investors with rapid price changes within a few hours.
XRP is currently trading at $0.628 with a trading volume of $2,148,950,087. Despite the price drop, trading volume increased by 50% compared to yesterday’s level, indicating increased investor interest in the cryptocurrency.
In the early morning hours today, the price of XRP dropped to $ 0.5936 and the transaction volume reached $ 1.58 billion. But then the charts rose again and moved towards another weekly high.
The value of XRP peaked in 2018, when it reached an all-time high of $3.84 on January 4. However, today its price has fallen over 84% from this level. Prior to the previous high on April 15, 2021, a peak of $1.8373 was recorded before falling as low as 0.3434 in July 2022.
XRP Whale Carried $49 Million in Tokens
According to data from Whale Alert, approximately $48.95 million worth of XRP was moved in four transactions in a single day. Three of these were made to the Binance exchange as the whale accumulated tokens. A total of 55.88 million XRP worth $33.92 million was accumulated.
Apart from this, a transaction shows XRP tokens being offloaded on Luxembourg’s CEX Bitstamp. This transaction represents 24.44 million tokens worth approximately $15.03 million.
Jason Pizzino, a well-known crypto investor, expressed his critical views on the Ripple token. In his last article, he stated that XRP should not be included in any investor’s portfolio due to its poor performance over the years. Pizzino claimed that even if this token grows in the next few days, it will not be able to reach its 2017 peak.
Pizzino’s criticisms include discussion of the previous surge, in which XRP rose 500% but failed to surge 2600% to reach its all-time high. According to him, XRP investments distract investors from ongoing projects and ignore potential future losses.
Many other similar comments express investors’ disappointment with XRP. It’s unclear how profitable this latest increase will be for investors.
Despite XRP’s ups and downs on price and legal issues, it is observed that altcoins are following the ongoing uptrend and even Ethereum is about to reach $4,000 soon.
Conclusion
XRP has been low for a long time but is now trying to form a top. This peak appears to be shaping the uphill chart movement of $49 million worth of transactions associated with recent whale activity on Binance and Bitstamp. However, many crypto analysts and investors are discouraging investing in the Ripple token because it is performing poorly compared to other altcoins. Now, it is important to see over the next few months how community images and the Ripple vs SEC case will affect the growth of XRP.
