XRP bullish sentiment surges as whale activity doubles, suggesting a potential price hike. According to Santiment, the number of whale transactions worth at least $100,000 of XRP increased by 92% in the past 24 hours, indicating increased investor interest. This surge in whale activity coincides with a 65% increase in positive sentiment around XRP.
XRP investors have been accumulating the asset since July 2, when it was trading at around $0.478. However, market intelligence shows that the accumulation phase may be ending, as exchange activity has increased. Over the last day, the number of XRP tokens flowing into exchanges rose from 55.1 million to 92.9 million, while the amount leaving exchanges surged from 25.3 million to 69.7 million tokens. This suggests a higher number of XRP holders seeking short-term profits compared to long-term investors.
The XRP Relative Strength Index (RSI) is currently around 67, indicating that XRP is slightly overbought and a price correction may be expected. However, XRP has experienced a 2.8% increase in the past 24 hours, trading at $0.544 at the time of writing. Its market cap stands at $30.3 billion, with a daily trading volume of $2.2 billion. Notably, XRP reached a three-month high of $0.568 earlier today.
It appears that despite the increase in whale activity and the potential for a price correction, investors remain optimistic about the future performance of XRP.