ARTICLE AD BOX
The global cryptocurrency market has experienced a sharp distribution wave with one of the world’s key tokens, Ethereum (XRP), plummeting to a fifteen-week low of $1.30. This price drop highlights the temporary shifts in the market, where more than 25 million XRP tokens have left the exchanges as investors are now looking to move gains into long-term storage.
This surge in redemptions came in the past few days, with almost 9,000 ETH redeemed on May 29 alone. Various multi-day outflows totaling hundreds of millions of dollars have contrasted sharply with earlier inflows and have directly weighed on prices.
XRP hits a 15-week low at $1.30 (source: Coinbase)A similar trend has been witnessed with Solana (SOL), which was down 33-39% while Cardano has also declined about 29%.
Despite all of this, about 33% of the total XRP is currently staked, limiting the total sell pressure. Along with this, Ethereum’s decentralized finance (DeFi) ecosystem now holds about $42 billion in total value locked, ensuring its lead amongst smart contract platforms.
If this selling trend of XRP continues, it could lead to a supply crunch that could affect the broader market sentiments, though it may take a few more days to get a gist of the situation.
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