Is XRP About To Rally? Crypto Analytics Firm Santiment Says One Metric Is Flashing a Historically Bullish Signal
Crypto analytics platform Santiment says that a bullish XRP signal, which preceded a huge rally in March, is once again flashing.
The market intelligence firm says that daily XRP address activity is spiking to a level that historically preceded a breakout.
According to Santiment, XRP saw its largest address activity spike in its history on March 18th and the token went on a 45% price surge within the following 10 days.
“XRP Network has now had its second and third largest address activity spikes of all time these past two days. A mild +4% decoupling has emerged between XRP and the altcoin pack, and if history repeats itself from the March 18th activity spike, it could be more.”
XRP is trading for $0.51 at time of writing, down 0.7% during the last 24 hours.
Next, Santiment notes that Bitcoin (BTC) sharks and whales have accumulated a combined 93,000 BTC since the market dipped from its local top of about $30,000 in mid-April.
“Addresses holding between 10 to 10,000 Bitcoin appear to be staying cautious as the price has fluctuated between $26,000 to $30,000 over the past month. Regardless, they have accumulated a combined 93,000 BTC as prices fell from the local top in mid-April.”
Bitcoin is worth $27,102 at time of writing, down 2.5% during the past 24 hours.
Santiment also weighs in on the altcoin market, calling the recent surge of synthetic asset platform Linear Finance (LINA) one indicator of a possible near-term alt upswing.
“Altcoins continue to show encouraging signs, as Linear has pumped +62% the past three days. During this surge, a whale exchange address has dumped a significant portion of its holdings. In about 48 hours, 910 million LINA worth $15.6 million has been transferred.”
Linear is worth $0.0225 at time of writing, down 6.7% during the last 24 hours.
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