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XRP: Bears outpace bulls in August amidst dawdling prices
Posted:
| Last updated: January 30th, 2024
Journalist
- XRP suffered a double-digit decline in August, losing most of its gains from July.
- On-chain data has revealed an uptick in XRP accumulation among daily traders.
The price of Ripple [XRP] shed most of its gains in August, despite the surge in trading volume during that period, on-chain data research firm Kaiko noted on Twitter.
? Despite robust trade volume, #XRP surrendered most of its July gains in August. #CryptoUpdate pic.twitter.com/H434e3BUeL
— Kaiko (@KaikoData) September 1, 2023
How much are 1,10,100 XRPs worth today?
The token’s value had risen to a high of $0.81 on 13 July after U.S. District Judge Analisa Torres ruled that Ripple did not violate federal securities law by selling its XRP token on public exchanges.
The decision led to an over 70% uptick in XRP’s value within 24 hours of the verdict and caused it to briefly displace Binance Coin [BNB] from the leading four cryptocurrencies in terms of market capitalization.
However, XRP’s price closed at $0.70 in July and declined throughout August. Exchanging hands at $0.51 at press time, XRP approached its price level prior to the court’s ruling.
September might be up to something
Despite the fall in value in the past few weeks, XRP opened the new trading month with a 7-month high in its transaction volume on 1 September.
XRP’s transaction volume metric tracks the aggregate number of tokens across all transactions completed daily. On 1 September, this token count totaled 4.8 billion XRP, the highest since 1 February.
Read Ripple’s [XRP] Price Prediction 2023-2024
Likewise, on the same day, XRP circulation among traders skyrocketed to its highest daily count since 31 May. Data from Santiment showed that 2.03 billion unique XRP tokens were transacted on 1 September.
Source: Santiment
This uptick signaled a few things. First, it could indicate that there is renewed interest in XRP following the price decline in the prior month. This could lead to a price rebound if general market sentiment improves and accumulation pressure climbs.
Conversely, the surge could also indicate that there is a lot of speculation in the XRP market, resulting in significant price volatility and swings.
Likewise, it could be that XRP whales have begun accumulation in anticipation of a price rally once the summer doldrums blow over. Data from Santiment revealed an uptick in the daily count of whale transactions above $100,000 and $1 million in the last week.
Source: Santiment
Also, the count of XRP whales that hold between 10,000 and 1,000,000 XRP tokens has climbed by 3% in the last 30 days, suggesting a growth in whale accumulation, even as the token’s price cratered.
Source: Santiment
