XRP bullish sentiment surges, whale activity doubles

Despite the significant increase in whale transactions, investors remain positive towards XRP, the seventh-largest cryptocurrency.

According to data provided by Santiment, the number of whale transactions involving at least $100,000 worth of XRP has increased by 92% in the last 24 hours, from 332 to 637 daily.

XRP price, whale activity, RSI, stock market activity and positive sentiment – ​​July 16 | Source: Santiment

The increase in XRP whale activity comes as investors anticipate a potential price increase. According to Santiment, the positive sentiment around XRP has increased by 65% ​​in the past day.

According to Crypto.news, XRP investors began accumulating the asset starting on July 2, when XRP was trading around $0.478.

Data from the market intelligence platform suggests that the accumulation phase may be coming to an end amid heightened exchange activity. According to Santiment data, the number of XRP tokens flowing into exchanges increased from approximately 55.1 million to 92.9 million in the past day.

The amount of XRP leaving exchanges also saw a significant increase from 25.3 million to 69.7 million tokens.

The 23.2 million token gap suggests that the number of XRP holders seeking short-term profits outweighs investors accumulating the asset.

Additionally, the XRP Relative Strength Index (RSI) is hovering around the 67 mark, according to Santiment. The indicator suggests that XRP is a bit overbought at this point and a price correction is expected.

XRP is up 2.8% in the last 24 hours and is trading at $0.544 at press time. The asset has a market cap of $30.3 billion and a daily trading volume of $2.2 billion.

It was noted that XRP briefly reached a three-month high of $0.568 earlier today.