JAlthough the global crypto market is facing a steep drop amid massive sell-offs, XRP whale activity has been on the rise. Ripple’s XRP has also been impacted by the ongoing bear market and the currency has been pulled down by 0.67% in the past 24 hours and is now trading at $0.34.
This downward move is led by Bitcoin and Ethereum as they have plunged over 2% and 6% in the past 24 hours.
However, what is surprising is that although XRP is not seeing positive momentum, whale activity in the currency has increased.
On-chain data analytics platform Santiment claims that XRP whalstats whales In chain Followers: 0 See profile The transaction report suggests that on August 19, a huge XRP whale activity was recorded. Additionally, market sentiment suggests that there is increased interest in XRP.
Rising whale activity and positive market sentiment indicate that market participants are bullish on XRP regardless of the ongoing bear market. If this continues, XRP could enter a recovery phase long before the Bitcoin organization bitcoin organization Event plannerTechnologyPayment solutions Followers: 0 See profile and ethereal ethereal Blockchain networkTechnology Followers: 0 See profile .
The whale transaction registered a 3-month high as over 450 whales completed over $100,000 worth of XRP transactions in just 8 hours. The same scenario was seen in May during the Terra (LUNA) market correction.
Additionally, since April, market sentiments have also turned positive due to ripple ripple shit[email protected] Crypto/Blockchain SolutionPayment solutions Followers: 0 See profile the adoption of multiple payments and their apparent victory against the SEC in court.
All in all, it looks like XRP is the only asset giving market participants hope as it prepares for a recovery much sooner than Bitcoin and Ethereum.