XRP Becomes the Crypto Asset with the Deepest Decline, Data Reveals the Cause.
XRP has become the crypto asset with the deepest decline among the five largest cryptocurrencies excluding stablecoins.
Based on an analysis by Charlie Quant Lab, XRP's price has dropped approximately 67% from its all-time high (ATH), deeper than Bitcoin's 48% decline, Ethereum's 60%, and BNB's 56%.
Not only that, the latest data also shows that XRP's market structure is becoming increasingly fragile. The combination of overly crowded long positions in the derivatives market and declining whale holdings is seen as increasing the risk of selling pressure should market sentiment deteriorate again.
Whale Holdings Continue to Decline.
In addition to derivatives data, pressure on XRP is also evident from changes in large wallet holdings.
According to Santiment data, wallets holding 1 billion XRP or more controlled approximately 39.4% of XRP's supply on April 30. That figure then dropped to around 38.65%, reflecting a declining trend for nearly three months.
In percentage terms, the decline does appear small. However, because this group controls billions of tokens, the shift reflects the movement of an extremely large amount of assets.
Charlie Quant Lab assesses that this condition differs from the accumulation phase that previously occurred. When whale holdings decrease, the market's ability to absorb selling pressure also diminishes.
Consequently, if long positions begin to be liquidated simultaneously, the market has fewer large buyers that could help cushion the price decline. $XRP
XRP has become the crypto asset with the deepest decline among the five largest cryptocurrencies excluding stablecoins.
Based on an analysis by Charlie Quant Lab, XRP's price has dropped approximately 67% from its all-time high (ATH), deeper than Bitcoin's 48% decline, Ethereum's 60%, and BNB's 56%.
Not only that, the latest data also shows that XRP's market structure is becoming increasingly fragile. The combination of overly crowded long positions in the derivatives market and declining whale holdings is seen as increasing the risk of selling pressure should market sentiment deteriorate again.
Whale Holdings Continue to Decline.
In addition to derivatives data, pressure on XRP is also evident from changes in large wallet holdings.
According to Santiment data, wallets holding 1 billion XRP or more controlled approximately 39.4% of XRP's supply on April 30. That figure then dropped to around 38.65%, reflecting a declining trend for nearly three months.
In percentage terms, the decline does appear small. However, because this group controls billions of tokens, the shift reflects the movement of an extremely large amount of assets.
Charlie Quant Lab assesses that this condition differs from the accumulation phase that previously occurred. When whale holdings decrease, the market's ability to absorb selling pressure also diminishes.
Consequently, if long positions begin to be liquidated simultaneously, the market has fewer large buyers that could help cushion the price decline. $XRP