On August 1, Ripple’s (XRP) price briefly dropped below $0.68 for the first time since the famous victory against the SEC in mid-July. On-chain data analysis reveals that XRP long-term holders began a network-wide sell-off on Monday.
Following the much-heralded victory in its long-running case against the SEC, Ripple’s (XRP) price hit a 1-year peak at $0.84. However, over the past two weeks, the XRP price seems to have stagnated around the $0.70 level in recent weeks. On-chain data reveals that XRP long-term investors are growing increasingly unconvinced that they would see more gains.
Do the bulls have enough in the tank to soak up the downward pressure?
XRP Long-Term Investors are Now Looking to Exit Rather than Hold
XRP has witnessed intense sell pressure from long-term holders this week. According to Satniment’s Age Consumed data, the sell-off began around Monday, July 31.
Read More: Ripple (XRP) Price Prediction
In an indication of this, XRP Age Consumed has spiked from 8.89 billion on July 22 to 94.71 billion on July 28. This promptly triggered a 3% price correction below the $0.70 territory.
On a more concerning note, the chart below shows that it has further spiked to 231 billion and 437 billion on July 31 and Aug 1 respectively.
Age Consumed evaluates real-time changes in the trading activity of long-term investors. It is computed by mul
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Author: Ibrahim Ajibade
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