Ripple hovers around important support level as XRP traders take profits above $8 million

• Ripple traders make $8.36 million in profits on Thursday, Santiment data shows.
• XRP is holding steady above the $0.57 support, posting gains of nearly 1% on the day.
• Active Ripple addresses are up nearly 30% since August 25th, nearing 20,000 at the time of writing.

Ripple (XRP) traders have consistently made profits on their holdings over the past two weeks, according to Santiment data. Once again, traders have made a profit of $8.36 million so far on Thursday. Profit taking usually negatively impacts the asset as it increases selling pressure.

However, XRP is holding steady above key support at $0.57 at the time of writing, advancing nearly 1% at the time of writing.

Daily Market Summary: Ripple Traders Profit on On-Chain Data

• Data from crypto intelligence tracker Santiment shows that Ripple traders have so far made $8.36 million in profits as of Thursday, August 29.
• Profit taking in large volumes increases the volume of the asset in exchange wallets and increases the selling pressure on the asset.
• If traders continue to profit in high volumes, XRP could drop.

The XRP network made profit/loss