XRP Price Struggles as Heavy Selling Pressure Holds Down Price

XRP Price Under Heavy Selling Pressure

Ripple has always managed to be in the news pushing XRP price action in either direction, depending on the context. 

Once more, Ripple made headlines after Coinbase Wallet announced that it would no longer support XRP and three other tokens after Dec. 5. While XRP price was anticipated to fall by a few percentages post the news, quite the contrary happened. 

XRP price appreciated by 2.04%, trading at $0.3965 on Nov. 30, unaffected by the Coinbase delisting news. However, despite the short-term price rise, XRP was still under considerable sell-side pressure, which could move prices in either direction. 

XRP price at crossroads

The global crypto market’s recently gained momentum has reignited gains for many cryptos. XRP, the 7th-ranked coin by market cap, saw close to a 2% price uptick in the last 24 hours despite delisting news. 

While short-term gains momentarily put XRP bulls in charge, there was still considerable sell-side pressure. XRP trade volumes continued making lower highs presenting a 2% drop in the last 24 hours. 

XRP Weighted Social Sentiment and Trade Volumes | Source: Santiment

Weighted social sentiment also still treaded negative territory but showed some signs of a recovery from the extreme lows. With weighted sentiment still negative, the same showed that the coin neither had a strong demand nor positive social sentiment. 

That said, the coin’s realized market capitalization HOLD waves metric showed that holders did not stand in profit for the last 12 days. 

XRP realized market capitalization HOLD waves and Mean Coin Age
XRP realized market capitalization HOLD waves and Mean Coin Age | Source: Santiment

Nonetheless, the mean coin age metric suggested that more buyers were opting to HODL the coin. The mean coin age indicator saw sustained growth for the most part of November and October. 

According to the aforementioned indicators, it could be said that XRP investors were gradually gaining confidence. However, it didn’t mean that the coin could continue to rally as investors might be tempted to take profits. 

Ripple whales moving coins 

Ripple whales have had a rather peculiar movement in the market. Whale Alert data showed that 280,684,171 XRP worth over $110 million was transferred from an unknown wallet to an unknown wallet on Nov. 29. 

More recent alerts showed that 25,000,000 Ripple worth over $10 million was transferred from an unknown wallet to Bitstamp. The same could be an attempt to redistribute or liquidate. Following that, 25,817,990 Ripple worth $10 million was transferred from Bitstamp to an unknown wallet. 

Another transfer of 25,800,000 Ripple worth over $10.54 million was made from Bitso to an unknown wallet. 

Furthermore, the largest Ripple whale cohort holding 10 million to infinity coins, was still reducing their bags. The cohort has liquidated over 1 billion in XRP since Nov. 6. If this cohort reverses its trend, the same could lead to a significant price uptick. 

XRP Supply Distribution by balance of addresses
XRP Supply Distribution by balance of addresses | Source: Santiment

For now, XRP bulls would need to establish a price above the $0.41 mark, after which the XRP price could target the $0.44 support. However, short-term sell-side pressure can pull prices back to the $

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