- XRP’s price has been fluctuating between $0.28 and $0.54 over the past 6 months.
- Whales and sharks have increased their XRP holdings by 25%.
- XRP presents a low-risk, high-reward opportunity for traders.
In a tweet made yesterday, Santiment shared their latest insights which show that there has been some intriguing network divergences that point towards strong bullish cases. The report starts off by sharing the ongoing trend in XRP’s price movement, which has seen the remittance token’s price fluctuating between $0.28 and $0.54 over the past six months.
In addition to this 6-month trend, there has also been a downward trend since 2021. This downward trend, however, is part of a larger upward trend, which could potentially result in a triangle formation. The report added that XRP’s price is currently trading at the bottom of this triangle, which may be a good opportunity with low risk and high reward for some investors.
Furthermore, the report showed that XRP sharks and whales (XRP holders who own between 1 million and 10 million XRP) have increased their holdings by 25% over the last six months. This has taken their total holdings to 4.09 billion XRP.
This level of accumulation “is often seen at market bottoms,” according to Santiment Insights.
Other metrics that Santiment’s report analyzed were the negative funding rate for XRP on Binance and the MVRV 30-day for XRP. The report disregarded the bearish sentiment expressed in XRP’s negative funding rate on Binance, stating that “retail traders on Binance may not accurately predict the short-term price movements of an asset.”
The MVRV 30-day for XRP, which stands at -7%, may result in an increase in the crypto’s price since traders will be hesitant to sell their coins at a loss.
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