Ripple (XRP) price attracted significant market euphoria as it climbed to a new 2023 peak of $0.56 on Tuesday. However, the circumstances surrounding the recent Fed Rate announcement effectively halted the XRP price rally. How long will the bearish XRP price trend last? 

Ripple (XRP) team has all but positioned the XRP Ledger as the go-to blockchain solution platform for governments and institutional players. Inadvertently, this has made the XRP price highly sensitive to the whims and influences of whale investors. 

On Wednesday, June 14, institutional investors kicked in after the US Fed announced a rate pause with the caveat of likely hikes in the future. Relative to other Layer-1 altcoins, XRP was disproportionately impacted as the price crashed 18% by the close of Thursday.  

Will the XRP ledger network attract new demand to overturn the bearish outlook quickly? 

XRP Whales Are Dumping Their Coins 

Institutional investors are dumping their XRP bags partly due to the recent Fed announcement. On-chain data shows the XRP whale cohort holding 100 million to 1 billion coins began selling on June 11. But the bearish frenzy has been fur

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Author: Ibrahim Ajibade

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