XRP Community Excited about Potential Price Rebound
The XRP community is buzzing with renewed optimism as Santiment, a well-known intelligence platform, has shared positive insights about the crypto asset. According to Santiment’s analysis, there are indications that XRP might experience a significant price rebound.
Insights from Santiment
Santiment conducted on-chain data analysis to provide an overview of XRP’s current market dynamics. Initially, they predicted that the token could fall below the $0.5 price threshold for the first time since October 2023, and this prediction has already come true.
Furthermore, Santiment highlighted that XRP whale transactions valued at $1 million and above reached a seven-month high on Wednesday. They also noted that this pattern aligns with previous price spikes after federal rulings in the United States regarding XRP’s classification.
XRP Whales Remain Calm
In addition, Santiment emphasized that XRP whales have not shown panic. Wallets holding at least 10 million XRP currently hold around 67.2% of the circulating supply, which is the highest percentage since December 31, 2022.
Potential for Price Recovery
Santiment stated that certain key signals indicate the potential for a price rebound for XRP. However, they also mentioned that the coin’s recovery depends on Bitcoin stabilizing throughout the week. Despite recent drops, XRP has remained resilient and is still among the top 10 cryptocurrencies by market capitalization.
Current Market Status
Currently, XRP is priced at $0.495 with a decline of over 2% in the past 24 hours. Its market cap has decreased by 2.19%, and the trading volume has dropped by more than 25% in the last day.
Hot Take: XRP Holds Promise for a Strong Comeback
With Santiment’s analysis pointing towards potential price recovery and XRP whales remaining calm, there is hope for a strong comeback for the crypto asset. However, it is crucial to monitor Bitcoin’s stability in the coming days, as it will play a significant role in determining XRP’s performance. Despite recent setbacks, XRP has demonstrated resilience and continues to be a prominent player in the cryptocurrency market.
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