Ripple’s native token XRP is currently making waves in the cryptocurrency landscape with its remarkable performance. Over the last 30 days, XRP has seen an impressive price surge of over 420%, outperforming major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Binance Coin (BNB), and others.
Notably, XRP has surpassed SOL, BNB, and USDT, securing its position as the world’s third-largest cryptocurrency by market cap. However, despite its recent success, current data suggests a potential price correction or a decline in the coming days.
Recent data from the on-chain analytics firm Coinglass indicates that whales are starting to offload their holdings as prices continue to rise. According to Coinglass’s XRP spot inflow/outflow data, exchanges have witnessed significant inflows of $444.39 million over the past four days. Inflows in the context of cryptocurrency refer to the movement of assets from whale wallets to exchanges, often creating selling pressure and indicating that investors may be depositing the asset with the intention to sell.
Additionally, traders have shown a strong interest in XRP, as reported by Coinglass’s open interest metrics. XRP’s open interest (OI) has surged by 37.98% in the past 24 hours and 21% in the past four hours, indicating heightened trader interest and a significant increase in open positions.
The combination of these on-chain metrics suggests that both whales and traders are actively participating in XRP as its price continues to rise, possibly for profit booking or creating short positions in anticipation of a price reversal.
As of the current press time, XRP is trading near $2.72, showcasing a significant 43% upside momentum in the past 24 hours. This upside momentum is the highest among the top cryptocurrencies listed on Coinmarketcap. Additionally, XRP has experienced a substantial 390% increase in trading volume during the same period, indicating increased participation from traders and investors compared to the previous day.
In conclusion, XRP’s recent performance and market dynamics suggest a mix of bullish and bearish signals, highlighting the importance of monitoring on-chain metrics and trader sentiment in navigating the volatile cryptocurrency market.