Deep-pocketed holders of the XRP Ledger (XRPL) native token are rapidly accumulating the digital asset, according to blockchain analytics platform Santiment.
Santiment says that whales and sharks have been aggressively adding more XRP to their holdings during the past 11 months, reaching a record high of 51.59 billion tokens worth more than $29 billion.
“XRP has now climbed above $0.58 for the first time since the market-wide retrace back on April 12th. This rebound is supported by climbing levels of coin hodling from whales and sharks with 100,000-plus XRP coins. A noticeable turning point in supply accumulation began last August.”
XRP is trading for $0.57 at time of writing, down 8% in the last 24 hours.
Santiment also reports that Ethereum (ETH)-competitor Cardano (ADA) is one of the more bearish altcoin projects based on social media sentiment, which could signal a price reversal is coming.
“Trader sentiment is following the price action. With XRP making an emergence this week, bullish narratives have erupted. On the other end of the spectrum, Cardano is seeing the most bearishness in over a year. Counter-trading the crowd’s consensus could prove profitable.”
ADA is trading for $0.42 at time of writing, down 4% in the last 24 hours.
Lastly, Santiment warns that bullish sentiment on social media for both XRP and peer-to-peer payments network Litecoin (LTC) suggests price may be volatile in the near term.
“As crypto continues its amazing market-wide rebounds, keep a close eye on Litecoin and XRP, a couple coins getting high levels of fear of missing out (FOMO). These coins can continue to rise, but the crowd’s euphoria toward these assets could make them high risk, high reward investments this week.”
Litecoin is trading for $71.14 at time of writing, down nearly 2% in the last 24 hours.
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Generated Image: Midjourney
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