Market intelligence platform Santiment has identified a potential bullish signal for XRP, indicating a promising potential for a rebound. Here are the key points highlighted by Santiment:
Risk of Falling Below $0.5 Mark:
- Santiment noted the risk of XRP falling below the psychological $0.5 price mark, a level not breached since October 2023.
- Current data confirms XRP's price at $0.4909, aligning with the earlier forecast.
Resurgence in XRP Whale Transactions:
- On January 31, Santiment observed a notable surge in XRP whale transactions, involving values exceeding $1 million.
- This marked the first significant increase in XRP whale transactions in the past seven months.
Coincidence with U.S. Federal Court Ruling:
- The surge in XRP whale transactions closely coincided with a U.S. federal court ruling that declared XRP is not a security.
No Panic Actions from XRP Whales:
- Despite the increase in whale transactions, Santiment did not observe any panic actions originating from XRP whales.
Wallet Holdings and Supply Percentage:
- Wallets containing at least 10 million XRP collectively held 67.2% of the available supply as of January 31.
- This percentage represents the highest since December 31, 2022.
Key Signals for Rebound:
- Santiment indicated that several key signals point to XRP being one of the stronger candidates for a rebound in the coming days.
Dependency on Bitcoin Stability:
- Emphasis was placed on XRP's rebound being contingent on Bitcoin stabilizing throughout the week.
The resurgence in XRP whale transactions and the positive indicators suggest potential bullish momentum for XRP, with a focus on broader market stability for sustained recovery.