- Santiment data reveals XRP whales are on an aggressive accumulation spree, bolstering its price amidst a broader market slump.
- Other altcoins, including Litecoin and Stellar, also demonstrate early recovery signs, with market metrics hinting at a potential sustained rebound.
Whale Activities Fueling XRP’s Resurgence
In the often-tumultuous crypto sea, XRP, one of the prominent digital currencies, is witnessing a wave of stabilization. Santiment, a renowned blockchain analytics platform, highlights a compelling trend: influential investors, colloquially known as “whales”, are buoying XRP towards price recuperation. This comes on the heels of the general market downturn experienced just last week.
The firm’s precise data points toward a fresh accumulation phase undertaken by these whales, which in turn is lending strong support to XRP’s valuation. To offer a snapshot: 221 unique addresses, each holding a staggering range of 10 million to 1 billion XRP, collectively possess 16.13 billion tokens. These tokens command an impressive market value north of $8.71 billion. For context, at the moment, XRP is exchanging hands at approximately $0.52, albeit reflecting a 2.9% decline over the preceding day.
Ripple Effect Across Altcoins
It’s not just XRP sensing an uptick in fortunes. Santiment’s analysis also shines light on other altcoins echoing similar recuperative sentiments. Litecoin (LTC), the decentralized peer-to-peer crypto, and Stellar (XLM), often pitted as an XRP competitor, have both demonstrated promising signs.
A metric worth noting here is the Market Value to Realized Value (MVRV), an indicator to discern if crypto assets tilt towards being overpriced or offer value propositions. Post the market contraction, this indicator for LTC, XRP, and XLM suggests that traders have endured significant losses, providing a hint that a rebound might be on the horizon.
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To capture the momentary status, Litecoin is currently priced at $66.90, marking a 2.2% ascent from the previous day. Stellar, on the other hand, is trading at a modest $0.12, but it has retraced by 3.7% over the same timeframe.
Spotlight on Donut (DONUT)
Amidst the recovery narratives, there’s another digital asset stealing a slice of the limelight: Donut (DONUT). Driven by speculations of it securing a coveted spot on a leading crypto exchange, the digital chatter around DONUT has intensified. This crypto, which incentivizes Reddit users with tokens for their posts, has been under the trader’s microscope. However, a word of caution emerges from Santiment: the trajectory of such assets, especially when fueled by mainstream expectations, can be unpredictable. Presently, DONUT is trading at $0.0249, marking a substantial 14.1% retreat in the last 24 hours.
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