Recently, large holders of XRP have sold over 100 million tokens, causing a decline in the XRP price. This selling pressure from whales often leads to smaller holders also selling, driving the price down further. Whales tend to sell after significant price increases and buy back in after a pullback. In June, a similar selloff occurred when whales dumped around 120 million XRP after Ripple unlocked its escrow. This influx of tokens entering circulation is likely to result in short-term price volatility. Furthermore, Ripple’s legal situation is precarious, as an appeal from the SEC could negatively impact the price of XRP and erase its recent gains. Currently, XRP is trading at $0.6253 and has seen a 31.52% increase in the last 30 days.
AI Sentiment: Negative