$XRP 🚨Why The XRP Price Is Up Over 20% Today🚨
In an X post, on-chain analytics platform Santiment highlighted a notable increase in whale accumulation as the crypto market crash deepened yesterday. Santiment stated that there were 1,389 separate whale transactions of $100,000 or more yesterday, which was the highest in four months.
Whale transactions typically precede price reversals such as these, with these investors creating more demand for the coin. The platform noted that the XRP price has been on a “particularly huge tear” today as the crypto market rebounds. The altcoin fell to as low as $1.15 yesterday, marking a local bottom, and is now up over 20%, recording the largest gains among the top five crypto assets by market cap.
Furthermore, Santiment noted that the number of unique addresses on XRPL surged to 78,727 in a single 8-hour candle, marking the highest level in the last six months. “These are both major signals of a price reversal for any asset,” it added.
The rise in the number of unique addresses on the XRPL also indicates accumulation from retail investors amid yesterday’s market crash. It is also worth noting that the XRP ETFs recorded a net inflow yesterday, even as the BTC and ETF ETFs saw outflows. SoSoValue data show that XRP funds recorded a net inflow of nearly $6 million, which is bullish for the XRP price.
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