Though the global crypto market is facing a brutal downfall amid massive sell-offs, XRP whale activity has increased. Ripple’s XRP has also been impacted by the ongoing bear market and the currency has been pulled down by 0.67% over the last 24hrs and is now trading at $0.34.
This downward movement is led by Bitcoin and Ethereum as they have plunged by more than 2% and 6% in the last 24hrs.
However, the surprising thing is that although XRP might not be experiencing positive momentum, the currency’s whale activity has risen.
The on-chain data analytic platform, Santiment, claims that the XRP Whale Transaction report is suggesting that on August 19, there had been a huge XRP whale activity recorded. Additionally, the market sentiment suggests that there is an increased interest in XRP.
The rising whale activity and positive market sentiment is indicating that the market participants are bullish on XRP, irrespective of the ongoing bear market. If this continues, XRP might enter a recovery phase much before Bitcoin and Ethereum.
The whale transaction has registered a 3-month high as over 450 whales have made more than $100k worth of XRP transactions in just 8hrs. The same scenario was seen in May during Terra (LUNA)’s market correction.
Moreover, since April, the market sentiments have also turned positive because of Ripple’s multiple payment adoption and their seeming victory against SEC in court.
On the whole, it appears as if XRP is the only asset that is providing hope to the market participants as it gears up for a recovery much earlier than Bitcoin and Ethereum.
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Source: https://coinpedia.org/altcoin/heres-whats-next-for-xrp-price-with-increased-whale-activity/