As a seasoned researcher with a penchant for deciphering market movements, I find it intriguing to delve into the recent plunge of XRP. My years spent navigating the cryptocurrency landscape have taught me that every dip is an opportunity for a savvy investor – or so they say!
In simple terms, XRP, which ranks as the fourth most valuable cryptocurrency, experienced a drop of about 12% over the last 24 hours, much like the trend observed in other significant alternative digital currencies.
Currently, at the point of composition, XRP has experienced a drop of 10.24% in the past 24 hours to reach $2.19. Compared to other top 10 cryptocurrencies by market cap, it underperformed significantly, with only TRON showing a steeper decline of more than 10%. Among the top 10, XRP suffered the greatest daily losses, apart from TRON.
It appears that the significant drop in XRP’s price could be attributed mainly to profit-taking, as suggested by an examination of on-chain data conducted by Kaiko. Notably, this sell-off seems to have been primarily initiated by Korean trading platforms.
📉 Over the last 24 hours, XRP has dropped by 8%, mirroring a similar trend in major altcoins. The #XRPCVD data indicates that the selloff was primarily driven by Korean trading platforms, with a surge in selling activity starting around 19:45 UTC on Dec 9. This selloff occurred earlier than in other markets. For insights into the recent turbulence on these Korean platforms, take a look at our Data Debrief article.
— Kaiko (@KaikoData) December 10, 2024
On December 9th at around 7:45 p.m. UTC, the rate at which XRP was being sold started increasing more rapidly as shown by the XRPCVD (XRP Cumulative Volume Delta) based on quote asset. This happened earlier compared to other markets, implying that traders on Korean exchanges may have been the first to respond. This could be due to unique local market conditions or sentiment in those exchanges.
Approximately 11% of all trades in Bitcoin, Ethereum, Ripple (XRP), and Dogecoin are handled by South Korean cryptocurrency exchanges.
What happened?
Since the peak of $2.64 reached on Sunday, there has been a persistent drop in XRP prices, which intensified on Monday, taking it down to a low of $1.95.
Through a diagram they shared on Twitter, Kaiko examined the decrease in XRP prices using the XRP Cumulative Volume Delta (CVD). In this instance, CVD refers to the accumulated difference between buying and selling volumes, with a negative CVD signifying more net selling activity.
According to the data in the chart, it appeared that the decline in Cardiovascular Disease (CVD) for the XRP/KRW pair was more rapid and deeper compared to other XRP-linked pairs like XRP/EUR, XRP/USD, XRP/FDUSD, and XRP/USDT.
On December 9th at 7:45 p.m. UTC, the XRPCVD, which was being accelerated by the XRPKRW, plunged rapidly into a deep negative, and according to the chart, it had leveled off at a negative $150 million by December 10th at 10:30 a.m. UTC.
Initial drops in XRP prices on Korean trading platforms triggered a chain reaction in the worldwide market. As traders on these platforms liquidated their XRP assets, the value dropped, prompting other exchanges around the world to do the same.
Currently, XRP is being traded at approximately $2.15, bouncing back a bit from its lowest point today of $2.04.
Read More
- USD MXN PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- RSR PREDICTION. RSR cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
- ZIG PREDICTION. ZIG cryptocurrency
- POL PREDICTION. POL cryptocurrency
- EUR CAD PREDICTION
- NTRN PREDICTION. NTRN cryptocurrency
2024-12-10 19:59