According to blockchain analytics platform Santiment, large investors of the native token on XRP Ledger (XRPL) are rapidly accumulating the digital asset.
Santiment said whales and sharks have been actively adding more XRP to their portfolios throughout the past 11 months, reaching a record high of 51.59 billion tokens, worth more than $29 billion.
“XRP has now moved above $0.58 for the first time since the market-wide correction on April 12. This recovery is supported by increased coin holdings from whales and sharks with over 100,000 XRP. A notable turning point in supply accumulation began last August.”
Source: Santiment
Cryptocurrency analytics firm Santiment notes that the XRP Ledger has recently seen a significant increase in both new addresses created and total addresses interacting on the network, with both metrics reaching their highest levels since March.
“XRP Ledger is seeing a significant increase in both new addresses created and total addresses interacting on the network. Both are at their highest levels since March.”
Source: Santiment
The company explains:
“Normally, there is positive movement with an increase in network activity like this. However, there is often a ‘FOMO’ effect in the early stages when a spike occurs, causing a correction like we are seeing. Now the test is to see if XRP performance can maintain these levels.”
XRP is currently trading at $0.59. The 8th-ranked crypto asset by market capitalization has increased 3% in the past 24 hours and more than 20% in the past seven days.
Santiment also reported that Ethereum (ETH) competitor Cardano (ADA) is one of the altcoin projects with the most negative sentiment based on social media, which could signal a downturn. upcoming price reversal.
“Traders' psychology is closely following price movements. With XRP in the spotlight this week, bullish stories have exploded. In contrast, Cardano is seeing the most negativity in over a year. Trading against the crowd consensus can be profitable.”
ADA is currently trading at $0.44, up 4% in the past 24 hours.
Finally, Santiment warns that bullish sentiment on social media for both XRP and peer-to-peer payment network Litecoin (LTC) suggests prices could be volatile in the near term.
“As the crypto market continues its strong recovery, pay attention to LTC and XRP, two coins with high levels of fear of missing out (FOMO). These coins may continue to rise, but crowd excitement for these assets could make them high-risk, high-reward investments this week.”
Litecoin is currently trading at $73, up 1% in the past 24 hours.
Regarding Solana (SOL), Santiment envisions a near-term bullish future for the asset.
“Solana loyalists have been rewarded for their patience as the price has increased +33% since July 4th. This increase was driven by the crowd's skepticism towards SOL. Until FOMO replaces FUD (fear, uncertainty, and doubt), the $200 SOL will soon be reached.”
SOL is trading at $169 at the time of writing. The 5th ranked crypto asset by market capitalization has increased more than 7% in the past day and nearly 22% in the past week.
Source: https://tapchibitcoin.io/cac-nha-dau-tu-lon-tich-luy-xrp-dat-ky-luc-new-tri-gia-hon-29-ty-usd.html