XRP Surges by 8% in the Last 24 Hours
XRP has experienced a significant surge of 8% in the past day, outperforming Bitcoin. The entire cryptocurrency market has seen an uplift, with Bitcoin approaching the $30,000 level. XRP’s rally is impressive, reaching above the $0.53 mark before pulling back below $0.52. Despite this pullback, XRP’s surge remains noteworthy.
Sharks and Whales Accumulate XRP
An on-chain analytics firm, Santiment, has provided data that sheds light on the sustainability of XRP’s surge. The data shows that large holders, known as sharks and whales, have been accumulating XRP in the range of 10,000 to 10 million tokens. Their holdings have reached a three-month high, suggesting that their buying activity has contributed significantly to the recent price increase.
Possible Continuation of the Rally
If accumulation by these key holders continues, it could fuel further momentum for XRP’s rally. However, there is a negative signal to consider: social dominance has increased alongside the surge. Social dominance refers to the share of social media discussions related to XRP among the top 100 cryptocurrencies. While increased hype can be bullish, historically it has often coincided with market tops. Therefore, it is uncertain whether XRP can sustain its upward movement in the coming days.
Hot Take: Uncertainty Surrounds XRP’s Future
The recent surge in XRP’s price has been driven by accumulation from large holders. While this suggests potential for further gains, increased social dominance may indicate an excessive level of hype that could lead to a market top. As a result, it remains unclear whether XRP will continue its rally or experience a reversal in the near future.
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