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HomeCrypto NewsMarketIntelligence Platform Says XRP Now Has Best Chance of Bouncing Back: Here Are the Indicators

Intelligence Platform Says XRP Now Has Best Chance of Bouncing Back: Here Are the Indicators

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Renowned market intelligence platform Santiment has contended that key indicators suggest XRP holds the most promising potential for a rebound.

In a recent update on X, Santiment provided detailed insights into the current dynamics of the XRP market, leveraging on-chain data analysis.

Santiment first pointed out the potential for XRP to drop below the psychological $0.5 price point, marking its first instance of dipping below that threshold since October 2023.

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However, this forecast has since materialized. Data from market tracking resources suggest that XRP now has a prevailing market value of $0.4901. 

Indicators Suggesting XRP Set for Rebound

Meanwhile, Santiment disclosed that yesterday, January 31, the XRP network witnessed a renewed peak in XRP whale transactions. Specifically, these are transactions of monetary values above $1 million.

According to the intelligence platform, yesterday’s record marked the first instance of such a significant increase in XRP whale transactions in the last seven months. 

In particular, XRP whale transactions above $1 million heightened on July 13 and 14, 2023. This remarkably coincided with the U.S. federal court’s judgment that XRP is not a security.

Now, the trend has reemerged, with 217 separate XRP transactions exceeding $1 million observed on Wednesday.

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XRP Market Santiment
XRP Market | Santiment

Furthermore, Santiment’s researchers emphasized that they have detected no panic actions originating from XRP whales.

Additionally, they noted that as of yesterday, wallets containing a minimum of 10 million XRP collectively held 67.2% of the available supply. Emphatically, this figure represents the highest percentage since December 31, 2022.

As a result, Santiment asserted that several key signals suggest XRP, the sixth-largest market cap asset, stands out as one of the stronger candidates for a rebound. 

However, it stated that XRP’s rebound is contingent upon Bitcoin (BTC) stabilizing throughout the remainder of the week.

Significantly, Bitcoin’s price has exhibited notable volatility recently. It has experienced a sudden decline from a peak of $43,720 in the last 24 hours to $41,890. This trajectory has had repercussions on the overall crypto market, including XRP.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Abdulkarim Abdulwahab
Abdulkarim Abdulwahabhttp://thecryptobasic.com
Abdulkarim Abdulwahab is a seasoned crypto journalist who has established himself as a trusted voice in the world of blockchain and Web3. His extensive knowledge of the crypto space enables him to break down complex concepts into accessible language.

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