Blockchain analytics platform Santiment says that deep-pocketed investors are pushing XRP toward price recovery after the broader crypto market dipped last week.
New data indicates whales went on a recent accumulation spree, helping drive up XRP’s price, according to the analytics firm.
“XRP Network is starting to see some mild recovery signs, and today’s +4% price rise appears to be supported by some of the asset’s largest whales. There are 221 addresses holding between 10 million – 1 billion XRP. They now hold a combined 16.13 billion tokens worth $8.71 billion.”
XRP is trading at $0.52 at time of writing and is down 2.9% in the last 24 hours.
A few other altcoins are also showing signs of recovery, including the peer-to-peer payments network Litecoin (LTC) and the XRP rival Stellar (XLM), according to Santiment.
The analytics firm believes their recoveries might continue, citing the market value to realized value (MVRV) metric, which gauges whether crypto assets are overvalued or undervalued.
“After crypto market caps dropped sector-wide last week, several altcoins are scratching their way back, particularly LTC, XRP, and XLM. With market value to realized value metrics continuing to show traders are down big, don’t be surprised if the trend continues this week.”
Litecoin is trading for $66.90 at time of writing and is up 2.2% in the last 24 hours, while Stellar is worth $0.12 at time of writing and is down 3.7% over the same time period.
Santiment also says there’s been large amount of social media discussion about Donut (DONUT) due to speculation that the digital asset project may get listed on a major crypto exchange.
“Donuts are the top rising topic in crypto currently as traders are anticipating its Kraken listing. There could very well be a DONUT rise to capitalize on, but be cautious of over-anticipated listings that the mainstream crowd is already aware of.”
Donut, which offers token rewards for posts on the social media platform Reddit, is trading for $0.0249 at time of writing, down 14.1% in the past 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney