XRP flashes major buy signal after dumping over $26 billion in a week
XRP is showing signs of a potential recovery after one of its sharpest weekly declines in months. Over the past week, the cryptocurrency shed more than $26.45 billion in market capitalization, falling from $198.19 billion to $171.74 billion as of August 20. At press time, XRP was trading at $2.89, reflecting a 12% weekly decline and an additional 4% drop in the past 24 hours. XRP one-week market cap chart. Source: CoinMarketCap Why XRP is crashing The correction has raised doubts about the durability of XRP’s rally after losing the crucial $3 support amid broader market bearish sentiment. Whale activity has been a key driver of the downturn. In this case, wallets holding 10 million to 100 million tokens have offloaded 470 million since August 18, the largest distribution since July’s 660 million sell-off. The latest wave of selling coincided with XRP slipping below $3, a level that has historically triggered 10% to 15% corrections, leav...