Ripple (XRP), Bitcoin (BTC), and Ethereum (ETH) along with other major cryptocurrencies challenged the market and gained solid ground in the past 24 hours. According to CoinMarketCap data, XRP reached $0.55 on Sunday, August 20th. However, due to the liquidation of short-term bulls, prices dropped and XRP was trading at $0.52 at the time of writing this article.
Moving Process in XRP!
Nevertheless, the temporary increase was enough to boost social interest around the payment-focused cryptocurrency. According to social analytics firm LunarCrush, XRP’s social interactions significantly increased in the past 24 hours. The price recovery from last week’s market crash is said to be due to the accumulation activity of major XRP whales.
Data from blockchain analytics firm Santiment showed that the group accumulating between 10 million and 1 billion tokens aggressively added to their positions in the past 24 hours. These major whales held over 16 billion XRP tokens at the time of writing this article, worth more than $8.32 billion based on market price. The increase in whale activity on Sunday also reflected a significant increase in the total number of whale transactions, surpassing $1 million.
Bal Whale Activity in XRP!
Despite the interest shown by the whales, the weighted sentiment indicator remained in the negative territory, maintaining the short-term sentiment surrounding the token. XRP’s futures market followed the volatility in the spot market. According to Coinglass, as prices rose, bullish leveraged traders became dominant, overshadowing claims of price increases with claims of price declines.
However, as long-position investors became a minority at the time of writing this article, the dynamics of the pullback changed. The general sentiment within the XRP community has been optimistic since the partial victory in the heated legal battle against the U.S. Securities and Exchange Commission (SEC). However, as the regulatory agency’s appeal request regarding the July 13th decision was partially accepted by U.S. District Judge Analisa Torres, the fight is not yet over.
