XRP Whale Activity And Positive Sentiment Tap Multi-Month Highs: Santiment.
XRP sees a spike in whale activity on Friday.
Santiment, in a tweet on Saturday, noted that in the final hours of trading, XRP saw a spike in whale activity with about 452 transactions over $100k, the highest since May 13th, further highlighting that positive sentiment is at its highest since April. According to sentiment, it is the largest amount of transactions in over three months.
“XRP is seeing notable whale activity and high optimism in Friday’s closing trading hours. We’ve picked up a spike of $100k+ XRP transactions that hasn’t been equaled since May 13th. Additionally, sentiment is at its highest since April,” Santiment tweeted.
🐳 #XRP is seeing notable whale activity, as well as high optimism, in Friday's closing trading hours. We've picked up a spike of $100k+ $XRP transactions that hasn't been equaled since May 13th. Additionally, sentiment is at its highest since April. https://t.co/lXz1LfyrCR pic.twitter.com/DuEhLrtWfs
— Santiment (@santimentfeed) August 19, 2022
It is worth noting that increased price volatility tends to follow increased whale activity. Notably, the XRP network has seen increased activity in the last few days. For example, on Thursday, The Crypto Basic reported several large XRP transactions between exchanges and unknown wallets totaling 844 million XRP worth $315.67 million. Similarly, on Tuesday, The Crypto Basic also reported several large transactions totaling 300 million XRP.
Additionally, there has been a lot of positive news surrounding Ripple, the payments company behind the XRP token. Notably, RippleNet, the company’s cross-border payment solution utilizing XRP, continues to see adoption, while Ripple continues to receive positive recognition despite legal woes in the US.
On Friday, the firm revealed that it had partnered with Brazil’s Travelex Bank to use its RippleNet On-Demand Liquidity (ODL) in international settlements for its Mexican and Brazilian customers. On Tuesday, American financial services company Wells Fargo identified XRP as a digital currency, just as Ripple announced that it had been recognized among the top 5000 growing companies in the US.
Notably, Ripple remains embroiled in a legal battle with the US SEC that has spanned nearly two years. However, pundits expect that the case is in its final innings, with community members feeling confident of a Ripple win.
XRP is trading at the $0.3408 price point, down 6.05% in the last 24 hours and 10.52% in the last seven days.