- XRP’s Weighted Sentiment remained above zero at press time.
The altcoin has continued its uptrend in the current trading session.
As a seasoned financial analyst with extensive experience in the crypto market, I have closely monitored Ripple (XRP) and its recent price movements. Based on my analysis of the available data, I am bullish on XRP for several reasons.
In the past few weeks, there has been significant buying activity by large investors, or whales, in Ripple (XRP). This accumulation coincides with a rising trend in XRP’s price and a more optimistic outlook within the cryptocurrency market as a whole.
The relationship between whale transactions and XRP price movements serves as a significant signifier of the present bullish attitude towards XRP.
XRP sees whale accumulation
According to AMBCrypto’s investigation, there has been a notable increase in significant transactions, or “whale activities,” in Ripple’s wallets over the past few weeks.
As a crypto investor, I’ve observed an intriguing development: the number of XRP wallets has grown significantly, indicating that a considerable amount of XRP is being hoarded across different holding levels.
At the current moment, around 245,000 wallets contain between 10,000 and 100,000 XRP units, representing a modest rise from the previous estimated figure of approximately 244,000.
As a researcher examining the data, I noted that while the growth seemed slight, it translated to the procurement of millions of XRP tokens. This discovery underscored noteworthy activity occurring within this token range.
Additionally, the number of wallets containing between 100,000 and 1 million XRP grew by approximately 100, larger investors showed increasing engagement and commitment to XRP.
Among wallets containing between 10 million and 100 million tokens, there was an increase in their numbers, climbing from 260 to 263.
In this group, despite being less populated, they hold the greatest wealth in XRP due to their vast quantities.
Sentiment stays on the positive side
According to AMBcrypto’s analysis of Ripple’s Weighted Sentiment, there was a substantial shift in investor sentiment on July 13th, with a marked increase that peaked at 3.34%.
This spike suggested a strong surge in positive sentiment towards the token.
At present, the Weighted Sentiment stands at a significant decrease, amounting to an average of 1%. Despite this downturn, the overall sentiment remains positive but has noticeably mellowed out from its previous intensity.
In the beginning, the surge above 3% could be explained by a FOMO-driven market, where the fear of missing out pushed investors to rapidly purchase Ripple XRP in hopes of further profits.
XRP maintains a bull trend
AMBCrypto’s examination of XRP on a daily timeframe showed a strong bull trend.
As a crypto investor, I observed that by the end of trading on the 15th of July, XRP had rebounded to approximately $0.53 – a rise of more than 3.3% compared to the previous day’s close. This upturn served as a swift correction from the prior session’s loss of over 1%.
Based on the latest information available, the price had reached around $0.54, representing a nearly 1% increase in value.
Realistic or not, here’s XRP market cap in BTC’s terms
The RSI of XRP was approaching the 70 mark, signifying a robust uptrend. Consequently, there were indications that the asset could be considered overbought.
In terms of market trends and investor attitudes, reaching this threshold frequently signifies robust purchasing behavior. This might lead to continued buying pressure that may momentarily surpass usual limitations prior to potential market adjustments.
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2024-07-16 22:15