This Top Crypto Records Rising Whale Activity and Post-Sell Sentiment
Top Crypto Records
Modified Date:- Published Date:-Categories: Cryptocurrency
This Top Crypto Records Rising Whale Activity and Post-SellSentiment
Despite themassive sell-off in the broader crypto market, there is increasing whaleactivity in Ripple's XRP. Top cryptocurrencies Bitcoin (BTC) and Ethereum (ETH)have declined significantly amid mounting selling pressure. BTC, ETH and XRPprices are down 8%, 9% and 6% respectively over the past 24 hours, with therisk of a further correction.
However,Ripple's global expansion and presence of its services add to the optimism overthe XRP price rally. Whales Are Optimistic on XRP Price and Ripple'sFuture According to on-chain platform Sentiment, XRP whale transaction dataindicates a huge jump in whale activity for XRP during the closing hours onAugust 19th XRP.
The increasein whale activity and sentiment suggests that whales and investors are bullishon XRP despite the massive sell-off in the crypto market. Moreover, XRP maycorrect ahead of bitcoin and altcoins. Whale trading hits 3-month high, withover 450 whales making multiple $100k+ XRP transactions in just 8 hours
The lasttime such high XRP transactions were recorded was during the market crash ledby Terra on May 13. Additionally, adoption of Ripple's cross-borderpayment solution, Ripple's global expansion through new partnerships hasaffected market sentiment the most since April and there is growing optimismover Ripple's chances of winning a lawsuit against the SEC.
Furthermore,Ripple seems to have the upper hand in the lawsuit against the SEC, as theentire argument now rests on the SEC disclosing Hinman speech documents.Meanwhile, the SEC claims the documents have no relevance. XRP Shows StrengthWhile other cryptocurrencies are falling, Ripple's XRP is showing strength.
The price ofXRP is recovering faster than others including Bitcoin and Ethereum. In thepast 24 hours, the price of XRP is down only 1% and the price is currentlytrading at $0.34. A market-wide selloff took XRP from $0.39 to $0.33.
Prices of top crypto coins such as Ripple and Ethereum have tumbled this week. But while sell-offs in the broader market has dampened sentiment towards both, there is a growing bullish chatter on XRP — the cryptocurrency that has been steadily climbing from around $0.30 to $0.40 in recent weeks with active buying interest from whales.