XRP Whale Wallets on the Rise 🐳📈
Over the past month, the price of the XRP Ledger’s native token has surged by more than 37%. This increase has coincided with a significant uptick in the number of whale wallets holding XRP, which has seen a remarkable surge in the last 5 weeks.
Analytics from Santiment reveal a notable surge in the number of wallets containing a minimum of 10,000 XRP. Often used as an indicator of investor confidence, the count has reached a six-month peak, with nearly 280,000 addresses now classified as “whale” wallets.
Correlation between Whale Accumulation and Price Surge 📈
The strong correlation between the accumulation of XRP by these high-net-worth investors and the token’s price movement has been evident throughout 2024. This trend signals a positive outlook for the cryptocurrency in the coming months.
Recently, Santiment highlighted several altcoins, such as Shiba Inu, ADA, and XRP, as having the potential to rebound based on a key technical indicator suggesting that these cryptocurrencies are currently undervalued.
MVRV Z-Score Indicator 📊
The Market Value to Realized Value (MVRV) Z-Score, developed by Awe & Wonder with influence from Mahmudov and Puell, measures the variance between a cryptocurrency’s total market capitalization and its realized market capitalization, divided by the standard deviation of the market cap.
- The MVRV Z-Score indicator gauges the deviation of the market value from the realized value.
- Scores above 7 indicate a potential bubble formation, while scores below zero suggest a market downturn.
Assets like Uniswap, Shiba Inu, ADA, XRP, Polygon, and Chainlink, with a low MVRV Z-Score indicating possible undervaluation, are prime candidates for a resurgence if the market embarks on an upward trajectory.
Hot Take: XRP Optimism Persists 🚀
Despite some altcoins experiencing price volatility, XRP continues to attract large investors and gain momentum in the market. The surge in whale wallets and the positive correlation with XRP’s price suggest promising days ahead for the cryptocurrency. Keep an eye on XRP as it navigates the ever-changing crypto landscape.
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