Lorenzo Stroe
Independent Analyst
- XRP price has dropped to $0.19 after Coinbase announced it would halt trading on January 19, 2021.
- Similarly, Crypto.com, OKCoin, and others have also announced delistings of XRP.
XRP was trading at around $0.30 before Coinbase announced it would halt the trading of XRP around January 19, 2021. The digital asset then plummeted by more than 30% within 24 hours and seems to be poised for a bigger pullback as more exchanges are at risk of delisting the asset.
XRP price could continue to drop despite what technicals say
It’s important to realize that the recent XRP moves were not motivated by any sort of technical analysis. Although many indicators could show that XRP price is poised for a rebound, investors should be extremely careful as these will not be accurate.
XRP/USD 1-hour chart
Instead, we need to focus on on-chain metrics like the number of whales. It seems that the amount of large XRP holders with 10,000,000 coins or more has dropped by 11 in the past four days. Similarly, the number of whales holding between 1,000,000 and 10,000,000 coins dropped from 1,253 to a current low of 1,116, indicating that large holders are exiting their XRP positions.
%20[15.31.32,%2029%20Dec,%202020]-637448492718747222.png)
XRP Holders Distribution chart
It seems that every US-based exchange will potentially delist XRP. However, OKCoin has also recently delisted the asset, but it’s based in China which hints at the possibility of other global exchanges delisting XRP. The next expected exchange to announce it is Kraken, but there are rumors that at least Binance.US is also looking into it.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.