The currency, the seventh-largest in terms of market cap as of this writing, has been battling intense selling pressure lately, crashing 7.72% over the week, and nearly 20% in a month’s time.The latest 24-hour drop came despite an important partnership announced by Ripple Labs, the company behind XRP and XRP Ledger .with HashKey DX and SBI Holdings to provide supply chain finance solutions to the Japanese market. The solutions would be powered by its layer-1 blockchain, XRPL.
However, the noticeable aspect was that key whale cohorts were quietly accumulating XRPs at discount all this while, evidenced by the jump in holdings of these cohorts.Will the downtrend continue? Meanwhile, XRP’s bearish price action slowed the pace of investments in its derivatives market. XRP’s Open Interest plunged 38% over the month to $425 million.Well, this may have been caused due to the aforementioned partnership by Ripple Labs, but the same didn’t reflect on the price action.Aniket Verma works as a journalist at AMBCrypto.
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