Ripple’s price stumbled 8% to a weekly low of $0.53 on Feb. 22 but curtailed selling pressure among traders signals widespread intent to hold out for a rebound phase. 

The price of Ripple (XRP) soared to a February 2024 peak of $0.58 on Feb. 15, riding on bullish headwinds spread across the layer-1 crypto sector.

As XRP price retreated below $0.55 this week, investors have increasingly refrained from selling rather than entering a large-scale sell-off.

XRP bulls refrain from selling amid 8% retracement

XRP’s price joined other top-ranked layer-1 coins at the forefront of the crypto market rally last week. Increased demand and positive sentiment surrounding layer-1 altcoins and a timely $120 million inflow from crypto whales were major rally drivers. 

While XRP price lagged behind rival layer-1 coins like Avalanche (AVAX), Solana (SOL), and Ethereum (ETH), all of which scored double-digit gains, XRP’s 7.4% uptick was enough to propel it to a new monthly peak of $0.58 on Feb. 15.  

After another brazen attempt at flipping $0.58 territory on Feb. 19, XRP price entered a sharp 8% pullback to a local low of $0.53 at press time on Feb. 22. On-chain data trends show that most current XRP holders have maintained a bullish outlook amid the price downtrend.

The Santiment chart shows that XRP trading volume rose to $1.1 billion at the peak of last week’s rally of Feb. 15. As prices began to slide, XRP traders have increasingly dialed down their trading activity.

Go to Source to See Full Article
Author: Ibrahim Ajibade

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details