Markets
XRP Bullish Sentiment Rises, Whale Activity Doubles
Investors are demonstrating positive sentiment towards XRPthe seventh largest cryptocurrency, despite a significant increase in its whale transactions.
According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of XRP increased by 92% in the past 24 hours — rising from 332 to 637 unique transactions per day.
XRP Price, Whale Activity, RSI, Exchange Activity and Positive Sentiment – July 16 | Source: Santiment
The surge in XRP whale activity comes as investors anticipate a potential price surge. According to Santiment, positive sentiment around XRP has increased by 65% in the past day.
A report from crypto.news shows that XRP investors started to accumulate the asset on July 2, when XRP was trading around $0.478.
Data from the market intelligence platform shows that the accumulation phase may be coming to an end amid increased exchange activity. According to data from Santiment, the number of XRP tokens flowing into exchanges increased from around 55.1 million to 92.9 million coins in the past day.
The amount of XRP that leaves exchanges also saw a notable increase from 25.3 million to 69.7 million tokens.
The difference of 23.2 million tokens shows that the number of XRP holders seeking short-term profits is greater than the number of investors accumulating the asset.
Additionally, XRP’s Relative Strength Index (RSI) is hovering around the 67-mark, per Santiment. The indicator shows that XRP is slightly overbought at this point and a price correction would be expected.
XRP is up 2.8% over the past 24 hours and is trading at $0.544 at the time of writing. The asset’s market cap stands at $30.3 billion with a daily trading volume of $2.2 billion.
Notably, XRP briefly hit a three-month high of $0.568 earlier today.