XRP Price Declined Due to Bitcoin Weakness

Decline in XRP and Market Effects

XRP price has started to decline due to the weakness in Bitcoin. This overall market weakness has caused altcoins to enter an oversold region. Particularly, the wallets of large investors (whales) have created significant selling pressure by selling approximately 200 million XRP.

Trading Volume and Analysis

In the last three sessions, XRP price has declined to its lowest level. The noticeable increase in trading volume during this period indicates that institutional sell-offs are continuing. Technical indicators suggest that XRP is in an oversold condition.

However, for the current downward trend to reverse, the price needs to surpass the 1.96 USD level.