XRP: What’s Going On With the Ripple Token?
Ripple’s XRP has been making headlines lately, with its price fluctuating and its legal battle with the SEC. But what are the experts saying about the token?
Santiment analyst Brian Q recently appeared on the Thinking Crypto Podcast to discuss XRP.
Social Sentiment and Market Activity
Brian noted that social volume around XRP has been steadily increasing, which is generally a good sign. While periods of rapid social engagement have led to price corrections in the past, that’s not currently the case.
In terms of sentiment, the current mood is slightly positive with a possible mild bullish bias. However, the current market enthusiasm around XRP is not as high as it was in early August.
XRP Holders and Wallet Trends
Another indicator to watch is the number of XRP holders. The number of non-empty XRP wallets has been increasing consistently over the past year, with over 535,000 more wallets than a year ago. This includes both large “whale” wallets and smaller retail investors.
While the majority of XRP wallets belong to retail investors, Brian highlighted a steady increase in the number of larger wallets holding 100,000 XRP or more. These larger wallets have been accumulating XRP, especially since April 2023.
Whale Activity and Price Correlation
Interestingly, there’s a correlation between the number of large wallets holding XRP and the price of the token. Historically, when the number of wallets holding 100,000 or more XRP dips, the token’s price tends to follow.
Currently, the number of large wallets continues to rise, which suggests a positive long-term outlook for XRP.
Ripple’s Future
While the short-term and mid-term outlook for XRP may be uncertain, the steady increase in whale accumulation suggests a positive long-term future for the token. It’s worth keeping an eye on developments in Ripple’s legal case as well as any updates on the XRP ledger’s new Ethereum-compatible smart contracts.
