Whales Are Accumulating This Altcoin According To Famous Analysis Firm Santiment!

a market analysis firm centimentAccording to altcoin XRP network is showing signs of strong bullish activity.

Whales Collect Popular Altcoin XRP, According to Cryptocurrency Analysis Firm

The company’s community post highlights a few key points, including the rapid accumulation of XRP by whale addresses, investors continuing their bullish anticipation trades in the cryptocurrency, and a significant bullish/bearish balance on the verge of being crossed.

The price of XRP has fluctuated greatly over the past six months and 0.28 to 0.54 changed between dollars.

While the price has been in a downtrend since 2021, it is also part of a larger uptrend that could potentially complete a triangle formation.

Currently, the price is at the bottom of this triangle, which some investors may see as a low-risk, high-reward opportunity.

One factor that could potentially contribute to the bullish outlook for XRP is the 25% increase in assets among holders who have held between 1 and 10 million XRP in the past six months.

Thus, the total number of XRP held by this group reached 4.09 billion. This level of accumulation is often seen at market bottoms, and these holders often have a significant impact on the price of the cryptocurrency.

Another factor to consider is the XRP funding rate on the Binance exchange, which is currently somewhat negative.

This indicates a bearish trend among investors. However, it is important to keep in mind that retail investors on Binance may not always accurately predict the short-term price movements of an asset.

Finally, the Weighted Sentiment metric shows that overall sentiment towards XRP has been negative for the past two months.

However, despite this negativity, the price of XRP did not fall. This could potentially be a sign that sellers are “sold out,” meaning that the number of sellers willing to sell at current prices is becoming less and less.

It is not investment advice.