Santiment, a market intelligence platform that provides on-chain and social metrics, has identified a growing bullish sentiment among most major cryptocurrencies. Bitcoin and Ethereum are showing signs of approaching their all-time highs (ATH), and large-volume investors, known as whales, are exhibiting market behaviors that align with this positive outlook.
Crypto whales, defined as investors with wallets holding over $100,000 in cryptocurrencies, have the capacity to execute transactions that can significantly influence market prices. The primary exceptions to this are Bitcoin and Ethereum, due to their ultra-large market caps.
Focusing on the XRP Ledger, Santiment observed that XRP whales are also displaying positive market behaviors. Over a four-year period, these whales completed a cycle of selling off and then reacquiring their holdings. Specifically, XRP whales have accumulated an additional 3.17 billion XRP coins.
Santiment classifies these whales as those holding more than 10 million XRP tokens, approximately valued at $5.1 million each.
During the four years under analysis, XRP reached nearly $2 before experiencing consistent downward pressure due to a prolonged legal dispute between Ripple and the U.S. SEC.
Crypto traders often monitor whale activity to anticipate market trends. Thus, the XRP accumulation noted by Santiment might indicate a potential rally for XRP, especially as the legal case between Ripple and the SEC moves toward resolution.
At the time of writing, XRP was trading at $0.52491, maintaining a narrow horizontal channel. This price marks a 2.38% decrease for the day, following a 3.57% gain the previous day.
May 2024, Cryptoniteuae