#XRP 's recent downturn hasn't stopped the crypto whales. XRP price fell 12% between June 22 and 28. Crypto whales took advantage of this to accumulate 360 million XRP. This amount of XRP is equivalent to about $170 million.
Although such large transactions are not unusual in the cryptocurrency world. But this particular XRP accumulation seems to indicate whale confidence in XRP.
Movement of XRP whales as the market fluctuates
On June 22, #XRP hit a weekly high of $0.52. But this peak did not last long. The subsequent reversal led to a sharp decline in the asset.
XRP then went on a downward spiral, breaking key support levels and trading below the $0.50 mark. This puts the asset's decline at around 4.3% over the past week.
However, the picture is not all gloom and doom. XRP's market capitalization stands at $24.8 billion, making it the fourth largest cryptocurrency by market capitalization. This ranking comes even amid notable downward pressure.
Despite last week's downtrend, the past 24 hours have shown some signs of recovery for XRP. The token experienced a slight uptick, up 2.1% in price. This positive development raised the asset's market capitalization to over $500 million. Pushing it up from under $24 billion earlier this month to $24.8 billion now.
Despite this, the daily trading volume of XRP has decreased significantly. That number is down from the $1 billion mark earlier this month to less than $600 million. The token's price has a 24-hour low of $0.46 and a high of $0.47.
