XRP price slid by almost 7% on Nov. 21 as Ripple long-term holders realized losses. In the meantime, Ripple whales continued to reduce their holdings.
Larger market uncertainty pulled the global crypto market cap down by almost 2.50%, near the $802.43 billion mark. XRP, the seventh-largest crypto by market capitalization, also felt the larger market heat as its price slid by nearly 7% in the last 24 hours.
XRP price action has been at the mercy of Ripple holders and whales as investors await the summary judgment in the Ripple vs SEC lawsuit. Amid larger market uncertainty, XRP price followed the market momentum as most of the top alts followed the lead set by BTC.
Ripple Social Sentiment Strengthens
Over the weekend, as larger market blues and Ethereum selloffs pulled down most prices, Ripple continued to grab media attention. On Saturday, CEO Brad Garlinghouse made news headlines after saying that Ripple would be interested in acquiring parts of FTX.
The CEO claimed that Ripple is interested in acquiring parts of FTX that benefit business customers and stakes in other companies. XRP saw a quick jump in social volumes following his comments as weighted sentiment turned positive.
After spiking on Nov. 17, socials volumes and sentiment dropped, but Garlinghouse’s comments managed to give social metrics a slight bump. Despite the slightly positive sentiment, the price could continue to suffer largely due to how Ripple whales and holders reacted in the market.
Holders in Loss, Ripple Whales Flee
Long-term market value to realized value or MVRV dropped, presenting that long-term holders realized losses. Santiment data showed that 10-year, five-year, two-year, 180 days, and 90 days MVRV ratios slid further as price action deteriorated.
In addition, data from Whale Alert revealed that XRP whales had been distributing their holdings as a glut of XRP hit the market. On Nov. 19, over 296 million XRP worth $113.75 million was moved from one unknown wallet to another unknown wallet.
More recently, on Nov. 21, nearly nine million XRP worth $17.30 million was transferred from an unknown wallet to Bitstamp.
Another visibly bearish trend was that the largest whale cohort with 10 million to infinity coins dumped around one billion XRP in the last 10 days.
With XRP price trading at $0.3544, the coin’s short-term prospects became more bearish.
XRP price could be preparing for more bearishness, with long-term holders realizing losses and whales reducing their holdings. However, if the bearish thesis fails and volatility drive the XRP price, higher bulls could target the $0.3800 resistance mark.
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