XRP bullish sentiment surges, whale activity doubles

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As a seasoned researcher with extensive experience in the cryptocurrency market, I have closely monitored XRP‘s recent price movements and transactional data. The surge in whale transactions, as indicated by Santiment’s data, is noteworthy but raises some concerns for me.

Despite a notable increase in large-scale XRP transactions, investors remain optimistic about this cryptocurrency, currently ranked as the seventh largest.

Based on Santiment’s data, there was a significant surge in the number of XRP transactions valued at $100,000 or more. Specifically, this figure jumped by approximately 92% within the last 24 hours, going from 332 to 637 distinct transactions daily.

XRP’s large-scale investor transactions have picked up significantly, fueled by anticipation of a possible price rise. According to Santiment, the optimistic outlook towards XRP has grown by 65% in just the previous day.

According to a recent article on crypto.news, XRP investors began purchasing the cryptocurrency on July 2 when its value was approximately $0.478.

The intel from the market research tool indicates a potential shift in the accumulation stage, as evidenced by heightened exchange activity. Based on Santiment’s findings, there has been a substantial increase in XRP tokens moving to exchanges – rising from approximately 55.1 million to 92.9 million coins within the past day.

The number of XRP tokens moving out of exchanges experienced a significant increase, rising from 25.3 million to 69.7 million tokens.

Among XRP holders, those seeking short-term gains outnumber those aiming for long-term investment by approximately 23.2 million tokens.

The RSI of XRP, according to Santiment, is currently around 67. This implies that XRP has been bought more than it has been sold recently, making it slightly overbought. As a result, a price adjustment or decrease may occur.

I’ve observed a 2.8% increase in the value of XRP over the past 24 hours, with its current price being $0.544 as I pen this down. The market capitalization of this digital asset stands at a substantial $30.3 billion, while its daily trading volume amounts to a significant $2.2 billion. It’s worth mentioning that XRP reached a three-month peak today, momentarily touching $0.568.

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2024-07-16 09:35