- Santiment has spotted a bullish sentiment developing among top cryptocurrencies.
- XRP whales appear to be moving in a positive direction for the altcoin.
- The whales have added 3.17 billion more XRP coins to their wallets in the past four years.
Discover the latest trends in the crypto market as XRP whales accumulate billions, signaling a potential rally. Stay informed with expert insights and analysis.
Whale Activity Signals Bullish Sentiment in Crypto Market
Santiment, the market intelligence platform offering onchain and social metrics, has identified a developing bullish sentiment across most major coins in the crypto market. With Bitcoin and Ethereum indicating signs of reclaiming their all-time highs (ATH), large-volume investors, also known as whales, are exhibiting market behaviors aligned with the spotted sentiment.
XRP Whales Accumulate Amid Legal Uncertainty
Turning to the XRP Ledger, Santiment noted that XRP whales appear to be moving in a positive direction regarding cryptocurrency. Santiment’s XRP analysis spanned four years during which the whales completed a full-cycle, dumping their holdings and reaccumulating them. According to Santiment, XRP whales have added 3.17 billion more XRP coins to their wallets. The analytics platform identified the category of whales as those holding over 10 million XRP tokens, equivalent to about $5.1 million each.
Impact of Ripple’s Legal Battle with the SEC
The four years under consideration have seen XRP soar to almost $2 before experiencing sustained downward pressure resulting from the impact of a lengthy legal battle between Ripple and the U.S. SEC. Typically, crypto traders study whale actions to predict market directions. Therefore, the XRP accumulation noted by Santiment could signal a potential rally for XRP soon, especially as the case between Ripple and the SEC nears a conclusive end.
Current Market Performance of XRP
XRP was trading at $0.52491 at the time of writing, continuing to trade in a narrow horizontal channel. The current price reflects a 2.38% pullback for the day after gaining 3.57% the previous day.
Conclusion
As whale activity continues to shape the crypto market, the accumulation of XRP by large investors could be a significant indicator of a potential rally. With the Ripple-SEC legal battle nearing its end, market participants should closely monitor these developments for future investment opportunities.
