Blockchain analytics platform Santiment has reported that deep-pocketed investors are driving a price recovery for XRP after the recent dip in the wider crypto market. According to the analytics firm, whales have been accumulating XRP, leading to an increase in its price. The data shows that there are now 221 addresses holding between 10 million and 1 billion XRP, with a combined total of 16.13 billion tokens worth $8.71 billion.
Currently, XRP is trading at $0.52 and has seen a 2.9% decrease in the last 24 hours. However, there are indications that other altcoins, such as Litecoin (LTC) and Stellar (XLM), are also starting to show signs of recovery. Santiment suggests that their recoveries may continue, citing the market value to realized value (MVRV) metric, which assesses whether crypto assets are over or undervalued.
Litecoin is currently trading at $66.90, with a 2.2% increase in the last 24 hours. Meanwhile, Stellar is valued at $0.12, experiencing a 3.7% decrease over the same period.
Santiment has also noted a significant amount of social media discussion around Donut (DONUT) due to speculation that the digital asset project might be listed on a major crypto exchange. Donut is a platform that rewards token for posts on Reddit. However, Santiment urges caution, stating that it is important to be wary of over-anticipated listings that are already known to the mainstream crowd.
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At present, Donut is trading at $0.0249, having experienced a 14.1% decrease in the past 24 hours.
Overall, despite the recent dip in the crypto market, Santiment suggests that there are positive signs of recovery for XRP, Litecoin, and Stellar. The accumulation of XRP by significant investors and the potential listing of Donut on a major exchange has sparked optimism among traders and investors.
In addition to analyzing market trends and investor behavior, Santiment provides insights into various cryptocurrencies to help individuals make informed decisions. Their analytics offer a means to gauge whether a particular crypto asset is undervalued or overvalued, providing valuable information for traders and investors.
It is worth noting that investing in cryptocurrencies carries a level of risk, and investors should conduct thorough research before making any investment decisions. The crypto market is highly volatile and can be influenced by various factors, including regulatory changes, market sentiment, and technological advancements.
In conclusion, Santiment’s data reveals that XRP is experiencing a recovery driven by the accumulation of the digital asset by large-scale investors. This positive trend is also observed in other altcoins like Litecoin and Stellar. However, caution is advised, particularly with regards to speculative activities around Donut, as over-anticipated listings may not yield the expected results. Investors should carefully evaluate the market value to realized value metrics and consider the risks associated with cryptocurrency investments. Santiment’s analytics platform provides valuable information for traders and investors, allowing them to make informed decisions in the highly volatile crypto market.
