The digital currency market is still deep in the red. However, only two digital currencies out of the top ten cryptos in the market are currently trading in the green zone. Fascinatingly, XRP (XRP) is one of the two coins, while the other coin is Ethereum. Over the past twenty-four hours, XRP is the highest gainer among the top ten digital currencies by market cap. The price of XRP over the past day has surged by almost two percent at the time of writing. While the recent dip in the XRP price is going on, some digital asset investors are increasing their XRP holdings.
10 Percent of Coinbase’s Largest Investors Keep Buying More XRP – Cryptocurrency Market Update – Cryptocurrency News Today
Data from a top digital currency trading platform – Coinbase – shows that the majority of large digital asset investors (10 percent of traders with the largest coin funds on Coinbase) in XRP (XRP) and Bitcoin (BTC) are acquiring more XRP tokens. They are increasing their XRP holdings, leveraging the current condition of the market. According to some Twitter users, the really XRP holders are not ready to dump the digital currency, they are in for HODL mode.
Fear & Greed Index Hits Its Lower Rate (11/100)
According to the latest data released by Alternative.me, the Fear & Greed Index just got to the extreme fear zone. The Index has gotten to its lower range, 11 out of 100, over the past 244 days. The last time the index got to this level was when the price of Bitcoin (BTC) plunged to the $3k range on Dec. 13 last year. On the 6th of August, the index surged to 66, which implies intense greed. The significant plunge in the index corresponds with the sharp decline in the price of Bitcoin (BTC), which is currently slightly over the $10k range.
Strong fear on the index suggests a correction in the upward direction. However, the greed indicator signals the chances of a bearish trend. Experts on Alternative.me said that the present situation of the market provides a unique opportunity for digital asset investors to increase their holdings and acquire new digital currencies; this is a strategy a lot of whales use to acquire more coins.
According to the stat on the website of Coinbase, more than 71 percent of Bitcoin (BTC) owners have been buying digital currencies despite the high volatility over the past day. The value reached 83 percent for investors investing in XRP. Nevertheless, the trading volume of the digital currency has dropped from about $2.1 billion to $1.1 billion between Aug. 15 and 16. This suggests that the digital currency is not bought in huge amounts.
However, in December 2018, these figures dropped by more than 25 percent before the pump. Hence, there is still a probability of reversal at the moment. Nevertheless, the formation of a bearish trend line on the 3-month chart and the indicators suggest that the price of XRP might plunge further before it could correct higher.
XRP (XRP) Price Today – XRP / USD
At the price time, XRP USD live price is $0.2658 after an increase of about two percent over the past twenty-four hours. The current market cap of the digital currency is $11.4 billion. The trading volume of the digital currency over the past day is $835 million.