XRP’s $3 Support Under Threat From $28M Daily Whale Sell-Off and $140M Insider Transfer
Main Idea
XRP's price stability is under threat due to significant sell-offs by large holders ('whales') and a $140 million transfer by Ripple co-founder Chris Larsen, despite showing some short-term resilience.
Key Points
1. XRP whales have sold an average of $28 million daily over the past 90 days, with February seeing daily outflows of $64 million.
2. Ripple co-founder Chris Larsen moved approximately $140 million worth of XRP to exchanges, adding to market pressure.
3. Despite sell pressure, XRP's price increased by 2% in 24 hours to $3.12, with a market cap of $185.3 billion and daily trading volume up 2.9% to $6.11 billion.
4. XRP's Fully Diluted Valuation (FDV) is $312.8 billion, with 59.23 billion tokens in circulation.
5. The volume-to-market cap ratio stands at a low 3.3%, indicating potential liquidity concerns.
Description
XRP’s price faces a major headwind from two sources of heavy on-chain selling Whales have sold an average of $28 million of XRP every day for the last 90 days Ripple co-founder, Chris Larsen, compounded this pressure by moving another $140M to exchanges XRP faces renewed doubts over its price stability as large-scale holders, ‘whales’, continue to offload large volumes of tokens. On-chain data from CryptoQuant shows that XRP whales have sold an average of $28 million a day for the past 90 days. ...
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