XRP (XRP) whale transactions have seen a remarkable increase recently, spiking by a massive 198% over the past 24 hours, as the cryptocurrency witnessed massive selloffs that have plummeted its price to the $0.51 support level.
Data from Santiment validates this observation, indicating a surge in XRP whale engagement. Notably, whale transactions valued at least $100,000 exhibited a significant downturn on Jan. 27 and 28, falling below both the 400 threshold and the monthly average.
However, these transactions saw a mild uptick on Jan. 29, as XRP capitalized on the latest Bitcoin (BTC) resurgence to the ground for a potential trend reversal. The asset eventually retested $0.54 for the first time in a week. Amid this upswing, transactions worth at least $100,000 rose to 613 on Jan. 29.
However, XRP encountered formidable resistance at the $0.54 psychological territory, resulting in a substantial decline in its price. The broader market also weakened, exacerbating the bearish pressure on XRP.
During the persistent declines, XRP transactions valued at $100,000 and above exhibited a notable spike, reaching a yearly peak of 1,827 yesterday. This significant surge represented a staggering 198% increase compared to the value observed on Jan. 29.
Alongside the surge in large transactions, XRP’s social activity has experienced an equivalent upswing. According to Santiment, social volume for XRP has surged by 105% in the past 24 hours, reaching a yearly high.
XRP struggles to retain $0.51
The spikes in large transactions and social volume have coincided with the recent XRP collapse. Following the slump yesterday, the token has struggled to maintain the $0.51 support.
These struggles persist despite recent progress made in the XRPL ecosystem. Notably, the network was recently updated to v.2.0.1. In addition, there is growing support among validators for the upcoming native AMM feature, with the XLS-30 amendment receiving more “Yes” votes.
Nonetheless, amid a lack of support from the broader market, XRP slumped to $0.5022 earlier today. The asset immediately recovered from this drop, but is having a hard time successfully defending the $0.51 support.
XRP is trading at $0.5095 at the time of writing, with the bears aiming to engineer a push below $0.50. Relinquishing the $0.50 would bring the $0.4962 support into play. XRP must register a measured move above $0.5264 to seal its spot above $0.51.
Source: https://crypto.news/xrp-whale-transactions-spike-198-amid-price-slump-to-0-51/