Recently, XRP has been among the worst-performing top cryptocurrencies due to whale activities and market changes.
Reasons for XRP's Decline
Over the past week, XRP has dropped 13.50%, significantly more than Bitcoin's 2.25% and Ethereum's 0.50%. The primary factor for the decline is the token's volatility and the situation exacerbated by whale actions.
Whale Activity
One of the triggers for the decline was Ripple co-founder Chris Larsen reportedly transferring nearly $175 million worth of XRP. Of this amount, $140 million ended up on cryptocurrency exchanges. These transfers coincided with XRP peaking, creating negative perceptions among traders.
Profit Holder Dynamics
Over 90% of XRP's supply recently turned profitable, leading to a surge in those looking to take profits. Historically, such profit spikes often coincide with peak price levels.
Recent events surrounding XRP highlight the significance of monitoring whale activities and market dynamics. The price trends reveal how high profits can contribute to declines as traders begin to secure their assets.
