Roller

<figure> 
 <figcaption>
   Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a> 
 </figcaption> 
</figure> 
<p dir="ltr"><a href="https://u.today/new-xrp-growth-fuel-here-heres-how-long-it-may-rise" rel="noopener noreferrer nofollow">XRP</a> has experienced a significant run-up, only to retrace its steps fairly quickly. What could be behind this sudden change in fortune? Let's dive into the data to find out.</p> 
<h2 dir="ltr" id="price-analysis-roller-coaster-week-for-xrp">Price Analysis: Roller coaster week for XRP</h2> 
<p dir="ltr">Over the past seven days, XRP has seen some remarkable price action. The asset started the week strong, showing promising signs of breaking through key resistance levels. However, the euphoria was short-lived as the asset retraced its gains almost as quickly as it made them. This kind of price performance often raises eyebrows and prompts investors to look for underlying causes.</p> 
<img alt="XRP chart" data-entity-type="file" data-entity-uuid="15b4aa55-1e93-41e1-8fa3-e2982b2968ad" src="https://u.today/sites/default/files/inline-images/image_30.png">Source: <a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">TradingView</a> 
<h2 dir="ltr" id="transaction-metrics-surge-in-activity">Transaction metrics: Surge in activity</h2> 
<p dir="ltr">One of the most intriguing aspects of <a href="https://u.today/ripple-sells-millions-of-xrp-as-sec-loses-to-another-crypto-giant" rel="noopener noreferrer nofollow">XRP's</a> recent price performance is the surge in network activity. According to data, on Aug. 30, the network recorded almost 60,000 new transactions. This is a significant uptick and could be indicative of increased trading activity or even speculative behavior.</p> 
<h2 dir="ltr" id="new-accounts-and-rolling-selling">New accounts and rolling selling</h2> 
<p dir="ltr">Another noteworthy point is the sudden increase in new accounts on the <a href="https://u.today/jaw-dropping-xrp-and-bitcoin-btc-reserves-disclosed-by-top-tier-crypto-exchange" rel="noopener noreferrer nofollow">XRP</a> network that received numerous transactions. This could be attributed to a fanlike selling pattern on centralized exchanges. In the crypto world, this kind of activity often points to "whale" behavior, where large holders of an asset move the market by making large transactions.</p> 
<h2 dir="ltr" id="whales-at-play">Whales at play?</h2> 
<p dir="ltr">The question then arises: Did whales manipulate the XRP <a href="https://u.today/new-xrp-growth-fuel-here-heres-how-long-it-may-rise" rel="noopener noreferrer nofollow">market</a> to deny it the chance to reach a new price threshold? While it is difficult to say for certain, the data does suggest that large holders could have played a role in the asset's quick retrace. The surge in transactions and the creation of new accounts that received multiple transactions could be a coordinated effort to influence the price.</p>

Did Whales Deny XRP's Attempt to Reach New Price Threshold? Data Dive

Table of Contents

U_Today

Other articles published on Aug 31, 2023

Hoskinson Addresses Cardano NFTs

Swift Can Play A Central Role in Blockchain Interoperability: Report

Cathedra Bitcoin Announces Results of Annual General Meeting

Bitcoin Spark: The Next-Level Crypto Inspired by Bitcoin, Only Better!

XRP Lawyer Sees Increased Odds of Coinbase Lawsuit Dismissal After Recent SEC Court Loss

Bitcoin Cash Price Analysis: BCH Whales Activity Sparks After Grayscale’s Win Against SEC

Join our free newsletter for daily crypto updates!