According to the latest available data, we observe that the price of XRP is down today, similar to the rest of the crypto market over the relevant period. In addition, it is important to point out that the price drop of XRP is stronger than that affecting the entire crypto ecosystem.
THE September 5the price of XRP fell by almost 1.5% to settle at $0.50a performance lower than that of the crypto market, which overall declined by around 1% in the same time interval. This southward movement coincided with a US dollar index rise. Savvy investors will have had the opportunity to notice that the correlation between the dollar and cryptocurrencies has been constantly negative since the month of July 2023.
XRP’s descent appears to be part of a horizontal consolidation trend. Put simply, traders buy and sell XRP in order to make profits as soon as the price takes advantage of an increase. Thus, they kept the price locked in a relatively narrow range between the threshold of $0.49 to $0.51.
XRP drop could be a harbinger of an upcoming whale dump
One of the reasons that could explain this increase in the selling pressure of XRP is the existence of large transfers from whales and some large wallets.
In date of Sunday September 3it is possible to cite the example of an anonymous address which proceeded to a transfer of 29.7 million XRP tokenswhich is equivalent to a value of approximately $15 million at the time of writing this article. It should be noted that this transaction had as its final destination the trading platform bit stamp.
This amount is not large enough to affect the whole trend in the XRP market, but its sender is however the 98th most important holder within the ecosystem according to CoinCarp, a media specializing in the analysis of blockchain data. An in-depth examination of the supply of XRP tokens within the various addresses owned by the whales also seems to confirm the elements mentioned above.
Thus, the supply of XRP held by entities whose balance is comprised between 1 and 10 million in tokens has fallen sharply since the September 3. Similarly, the supply of XRP held by the whales whose balance is between 100 million and 1 billion tokens also declined during the same period.
At the time of writing, the price of XRP is hovering around $0.504 after recording a fall of 0.49% in the last 24 hours. According to data from CoinMarketCapthe market capitalization of XRP is now fixed at $26.62 billion, which ranks the latter in fifth place in the crypto ecosystem. In addition, there is also a decrease in 14.08% trading volume over the daily period, pushing it to the threshold of $718.24 million.
As part of a globally trending crypto market down, it seems legitimate for individual investors to seek to position their capital on projects that can offer significant returns in a relatively short period of time. This is the reason why we will now study in detail yPredicta new platform focused on the topic of artificial intelligence and large-scale content creation.
How does the yPredict project platform work?
There prediction of the price development of crypto-assets is not an easy task, even for the most experienced traders. These resort to a wide range of tools to confirm their decisions, and also base their opinions on technical analysis and various reports regarding the health of the markets.
But the rapid development of technologies related to the field of artificial intelligence over the past few months will completely disrupt all of these processes. And that’s exactly why the pre-sale campaign of the yPredict project shows such exceptional results.
Indeed, the project managed to raise $3.72 million in the space of just a few weeks, which testifies to the very significant interest of the market for this AI-based platform. According to whitepaper of the project, yPredict plans to launch the full version of its platform by the end of 2023. Note that the price of the YPRED token is currently set at $0.1, but that it will initially be listed on the exchanges at $0.12.
If you are interested in the yPredict project, do not hesitate to consult the official project website right now. You can also join the community at Twitter And Telegram.
This article does not represent investment advice in any way. The information provided here should not be used as the basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses.