XRP's price movement today has been significantly influenced by large-scale transactions from major holders, commonly referred to as "whales." Over the past 30 days, more than 2.6 billion XRP have been moved to Binance, marking the highest whale activity since April 2024. This influx of XRP into centralized exchanges has heightened sell pressure, contributing to a sharp decline in XRP's price. The increased activity among these large holders suggests potential shifts in strategy, as they have substantial assets at their disposal, which can heavily impact market dynamics.
The market sentiment around XRP has been further dampened by the ongoing legal battle between Ripple and the SEC, which continues to cast uncertainty over the asset. Despite a favorable ruling last year, the SEC's recent appeal has kept the legal saga alive, affecting investor confidence. Additionally, while XRP has seen significant gains earlier this year, recent headwinds have lowered traders' expectations, although some remain optimistic about potential gains amid institutional activities.
XRP's price has fallen by 4.66% today, currently trading at $2.079091, after reaching a high of $2.191859 and a low of $2.074542.