In the past weeks, Ripple (XRP), which diverged positively from the Bitcoin and crypto money market, managed to rise above $ 0.50 and reached $ 0.58.
According to the news of Coindesk, Kaiko, who closely examined this rise in XRP, stated that XRP has risen by about 40% in the last four weeks and outperformed other cryptocurrencies, including BTC.
Kaiko analysts, who stated that this rise in XRP was mostly driven by retail investors, said that whales were selling.
“While the rally in XRP was driven mainly by retail investors, whales increased the bearish pressure on the market.
Judging by the trades on the two largest Korean exchanges, Upbit and Bithumb, market sell orders over 200,000 XRP (around $95,000) overwhelmingly outpaced buy orders.
Looking at the XRP trade data, we can see that the whales are selling and profiting from this rally in XRP, which shows that the rally is retail-focused."
As it will be remembered, the trading volumes in XRP-Korean won (KRW) trading pairs in Upbit, Bithumb and Korbit, which are among the largest exchanges of South Korea in the past weeks, have recorded a great increase and constituted a significant share of the global XRP trading volume.
*Not investment advice.
