#Santiment, a market intelligence platform that offers on-chain and social metrics, has detected a bullish trend developing among most major coins in the crypto market. While Bitcoin and Ethereum are showing signs of regaining their all-time highs (ATH), large-cap investors, i.e., whales, are exhibiting market behavior consistent with this detected trend.
On the XRP Ledger, Santiment noted that XRP whales are moving in a positive direction on the cryptocurrency. Santiment's analysis of #XRP covers a four-year cycle in which whales disrupt and reassemble assets. According to Santiment, XRP whales added 3.17 billion more XRP coins to their wallets. The analytics platform defines whales as those holding more than 10 million XRP tokens, worth approximately $5.1 million each.
The four years under review saw XRP rise to almost $2, followed by sustained downward pressure due to the protracted legal battle between Ripple and the US SEC. Often, crypto traders study whale movements to predict market directions. Therefore, the XRP accumulation recorded by Santiment may indicate a potential rally for XRP soon, as the #Ripple and #SEC case nears a definitive end.
At the time of writing, #XRP is trading at $0.52491 and continues to trade in a narrow horizontal channel. The current price reflects a 2.38% retracement for the day after gaining 3.57% the previous day.
As whale activity continues to shape the crypto market, XRP accumulation by large investors could be a key indicator of a potential rally. With the Ripple-SEC legal battle nearing its conclusion, market participants should closely monitor future investment opportunities.
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