- Ripple traders realized $330 million in profits on September 1, the largest single profit-taking event in twelve months.
- XRP crumbles under selling pressure, slips to $0.5326, new monthly low for the altcoin.
- XRP trades at $0.5517 at the time of writing, erasing 1% value on the day.
Ripple (XRP) traders have taken large-scale profits on their holdings at the beginning of September. The mass profit-taking contributed to selling pressure on the native token of the XRP Ledger.
XRP slipped to a monthly low of $0.5326 early on September 4.
Daily digest market movers: Ripple crumbles under massive selling pressure in September
- Data from crypto intelligence tracker Santiment shows a large positive spike in the Network Realized Profit/Loss metric. This metric tracks the net realized profit/loss of all traders on a given day.
- On September 1, XRP trades realized $330 million in profits, but since then profit-taking has slowed down.
XRP Network Realized Profit/Loss vs. price
- Transaction volume has dipped to a low of 434 million XRP, per Santiment data. On September 1, Ripple transaction volume peaked at 3.18 billion XRP and has declined since then.
- The decline in transaction volume is likely a sign of slowing demand among market participants. This supports a bearish thesis for the altcoin.
Technical analysis: XRP could sweep liquidity at $0.51
XRP is likely to extend losses to the August 6 high of $0.5188. The decline would mark a 6.27% correction from the current price level. XRP could sweep support at $0.50, a key level for the altcoin since mid-July.
The Moving Average Convergence Divergence (MACD) indicator shows red histogram bars under the neutral line. This implies negative underlying momentum in the XRP price trend.
XRP/USDT daily chart
A daily candlestick close above the upper boundary of the Fair Value Gap (FVG) between $0.5188 and $0.5785 could invalidate the bearish thesis. In that case, XRP could rally toward the psychologically important $0.60 level.
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
![These are the five narratives fuelling fears in crypto markets](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Bitcoin/bitcoin_XtraSmall.jpg)
These are the five narratives fuelling fears in crypto markets
The Crypto Fear & Greed Index signals fear among market participants as Bitcoin, Ethereum and other top crypto assets suffer a correction. Crypto whale activity, institutional involvement, lawsuits and regulatory concerns are the dominant narratives in this cycle.
![Bitcoin struggles around $57,000 as institutions load off BTC holdings](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/Bitcoin_2_XtraSmall.jpg)
Bitcoin struggles around $57,000 as institutions load off BTC holdings
Bitcoin price approaches a crucial support level at $56,000; a close below could see its downtrend persist. Lookonchain and Arkham intelligence data show that institutions are selling their BTC holdings.
![Switzerland’s largest cantonal bank ZKB partners with Crypto Finance to launch crypto asset services](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptocurrenciesusd_XtraSmall.jpg)
Switzerland’s largest cantonal bank ZKB partners with Crypto Finance to launch crypto asset services
Zürcher Kantonalbank, Switzerland’s largest cantonal bank, has partnered with Crypto Finance AG to offer its clients crypto asset services. This partnership represents a major milestone in advancing the broader acceptance of cryptocurrencies in Switzerland.
![Public companies hold over 580% more Bitcoin than four years ago, what’s next for BTC](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoins-33758372_XtraSmall.jpg)
Public companies hold over 580% more Bitcoin than four years ago, what’s next for BTC
Bitcoin (BTC) adoption by businesses increased at a faster pace in the last four years. Data from Bitcointreasuries.net shows a spike in BTC accumulation by businesses, and over 580% increase between 2020 and 2024.
![Bitcoin: Will BTC continue its ongoing decline?](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_5_XtraSmall.jpg)
Bitcoin: Will BTC continue its ongoing decline?
Bitcoin (BTC) trades above $59,000 on Friday, but it has lost 7.5% this week so far after being rejected around the daily resistance of $65,000. The decline is supported by lower demand from the US spot Bitcoin ETFs, which registered a net outflow of $103.8 million, falling Bitcoin's Coinbase Premium Index, and a spike in Network Realized Profit/Loss.
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.