- 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.
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.
For context, crypto whales are investors whose wallets hold cryptocurrencies worth over $100,000. Such investors are typically capable of executing transactions that could impact the market direction of several crypto prices. The two exceptions are the ultra-large market cap assets, Bitcoin and Ethereum.
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.
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.
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.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
