XRP whales on a buying spree: What’s behind this movement?

• XRP’s Weighted Sentiment remained above zero at press time.
• The altcoin has continued its uptrend in the current trading session.

Ripple [XRP] has seen notable accumulation activity from whale addresses in recent weeks, aligning closely with a positive trend in its price and overall market sentiment.

This correlation between whale activity and price trends is a key indicator of the current bullish sentiment surrounding XRP.

XRP sees whale accumulation

AMBCrypto’s analysis of Ripple’s

Notably, there has been an increase in wallets across various holding levels, signifying a substantial accumulation of XRP.

The number of wallets holding 10,000 to 100,000 XRP increased slightly from approximately 244,000 to 245,000 at press time.

Though this increase appeared modest, it represented the acquisition of millions of XRP tokens, highlighting significant activity at this level.

Also, there was an increase in wallets holding 100,000 to 1 million XRP, from about 30,600 to 30,700. This further suggested continued interest and investment from more substantial stakeholders.

Source: Santiment

The highest tier of holders, wallets holding 10 million to 100 million tokens, also showed growth, with the number of wallets rising from 260 to 263.

This category, though smaller, represented the most substantial accumulations due to the large volumes of XRP they control.

Sentiment stays on the positive side

AMBcrypto’s look at Ripple’s Weighted Sentiment revealed a notable fluctuation in market sentiment. On the 13th of July, there was a significant spike in Weighted Sentiment, reaching 3.34%.

This spike suggested a strong surge in positive sentiment towards the token. 

However, as of press time, there has been a considerable decline, with the average Weighted Sentiment at 1%. This reduction indicated that while the sentiment remained positive, it had cooled off from its peak. 

Source: Santiment

The initial spike to over 3% reflected a period where fear of missing out (FOMO) might have dominated the market dynamics, driving more investors to buy into Ripple XRP in anticipation of continued gains. 

XRP maintains a bull trend

AMBCrypto’s examination of XRP on a daily timeframe showed a strong bull trend. 

At the close of trading on the 15th of July, XRP ended the day at around $0.53, marking an increase of over 3.3%. This gain represented a quick recovery from a previous session’s decline of over 1%.

As of the most recent data, it was trading at approximately $0.54, showing a nearly 1% rise in value.

Source: TradingView

Realistic or not, here’s XRP market cap in BTC’s terms

Furthermore, the Relative Strength Index (RSI) for XRP was nearing 70, indicating that the asset was in a strong bullish trend. This suggested that the asset might be considered oversold.

However, in the context of market momentum and investor sentiment, this level often points to strong buying activity, which could temporarily extend beyond typical bounds before any major corrections.