XRP bullish sentiment surges, whale activity doubles

Investors are showing positive sentiment toward XRP, the seventh-largest cryptocurrency, despite a significant rise in its whale transactions.

According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of XRP increased by 92% over the past 24 hours — rising from 332 to 637 unique transactions per day.

The surge in the XRP whale activity comes as investors expect a potential price hike. Per Santiment, the positive sentiment around XRP increased by 65% over the last day.

A crypto.news report shows that XRP investors started accumulating the asset on July 2 when XRP was trading at around $0.478. 

Data from the market intelligence platform shows that the accumulation phase might be coming to an end amid increased exchange activity. According to Santiment data, the number of XRP tokens flowing into the exchanges rose from around 55.1 million to 92.9 million coins over the last day.

The amount of XRP leaving exchanges also recorded a notable surge from 25.3 million to 69.7 million tokens. 

The 23.2 million token difference shows that the amount of XRP holders looking for short-term profits is higher than investors accumulating the asset.

In addition, the XRP Relative Strength Index (RSI) is hovering around the 67 mark, per Santiment. The indicator shows that XRP is slightly overbought at this point and a price correction would be expected.

XRP is up by 2.8% in the past 24 hours and is trading at $0.544 at the time of writing. The asset’s market cap is sitting at $30.3 billion with a daily trading volume of $2.2 billion.

Notably, XRP briefly touched a three-month-high of $0.568 earlier today.