Santiment, the market intelligence platform offering onchain and social metrics, has identified a developing bullish sentiment across most major coins in the crypto market. With Bitcoin and Ethereum indicating signs of reclaiming their all-time highs (ATH), large-volume investors, also known as whales, are exhibiting market behaviors aligned with the spotted sentiment.
🐳 As #crypto markets have teased another breakout to start the week, our freshly released insight covers the whale and shark accumulation of #Bitcoin, #Ethereum, #XRPLedger, and #Chainlink. Track key stakeholders, and optimize your portfolio accordingly: https://t.co/8l5RuU5VM2 pic.twitter.com/6nybeSEEVj
— Santiment (@santimentfeed) May 28, 2024
For context, crypto whales are investors whose wallets hold cryptocurrencies worth over $100,000. Such investors are typically capable of executing transactions that could impact the market direction of several crypto prices. The two exceptions are the ultra-large market cap assets, Bitcoin and Ethereum.
Turning to the XRP Ledger, Santiment noted that XRP whales appear to be moving in a positive direction regarding cryptocurrency. Santiment’s XRP analysis spanned four years during which the whales completed a full-cycle, dumping their holdings and reaccumulating them.
According to Santiment, XRP whales have added 3.17 billion more XRP coins to their wallets. The analytics platform identified the category of whales as those holding over 10 million XRP tokens, equivalent to about $5.1 million each.
The four years under consideration have seen XRP soar to almost $2 before experiencing sustained downward pressure resulting from the impact of a lengthy legal battle between Ripple and the U.S. SEC.
Typically, crypto traders study whale actions to predict market directions. Therefore, the XRP accumulation noted by Santiment could signal a potential rally for XRP soon, especially as the case between Ripple and the SEC nears a conclusive end.
XRP was trading at $0.52491 at the time of writing, continuing to trade in a narrow horizontal channel. The current price reflects a 2.38% pullback for the day after gaining 3.57% the previous day.
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