XRP price drops below $0.20 following Coinbase and Crypto.com delistings

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. 

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.