XRP whale activity has increased despite global cryptocurrency markets facing brutal decline amid massive sell-off. Ripple’s XRP has also been affected by the ongoing bear market, with the currency down 0.67% in the past 24 hours and is now trading at $0.34.
This downtrend was led by Bitcoin and Ethereum as they lost over 2% and 6% respectively over the past 24 hours.
Surprisingly, however, while XRP may not be experiencing positive momentum, whale activity in the currency has risen.
On-chain data analytics platform Santiment claims that reports of XRP whale transactions indicate that, on August 19, a huge XRP whale activity was recorded. Additionally, market sentiment suggests that interest in XRP is increasing.
Increased whale activity and positive market sentiment suggest markets Participants are bullish on XRP, regardless of the bear market. If this continues, XRP may enter a recovery phase before Bitcoin and Ethereum.
Whale trade has hit a 3-month high as 450+ whales in just 8 hours. The same happened during Terra’s (LUNA) market correction in May.
Also, since April, market sentiment has turned positive in court due to Ripple’s multiple payments adoption and their seemingly victory over the SEC.
Overall, XRP appears to be the only asset that offers market participants hope as it prepares itself for a recovery earlier than Bitcoin and Ethereum.
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