The number of XRP wallets holding more than 1 million tokens has been gradually increasing since the beginning of the year, which could bode well for the asset’s long-term prospects, according to cryptocurrency analytics platform Santiment.
“While the price of
Cryptocurrency traders often track the accumulation of large holders and use this as a signal where asset prices may be headed in the future.
Santiment said that since January 1, 42 XRP (XRP) wallets holding more than 1 million tokens have “returned to the ledger.”
Santiment said this is an “encouraging sign for the long term.” At the XRP trading price of $1.87 at the time of issuance, 1 million tokens are worth about $1.87 million, according to CoinMarketCap.
Meanwhile, XRP accumulation by “smart money” traders, who are considered the most successful traders by revenue in the industry, have increased 11.55% over the past 30 days, according to Nansen.
Analysts are divided on what XRP will do in the coming weeks.
However, cryptocurrency analysts appear to have differing views on where XRP will move next.
Cryptocurrency trader CW said in an
CW said, “Net buying is still strong and the trend is reversing,” and argued that if the selling wall collapses, the price could rise to $2.30.
At the same time, asset manager 21Shares recently said that XRP’s multi-year compression pattern and “rapid unwinding events” combined with increased regulatory clarity and institutional support could set the network up “for sustained price gains.”
However, Pav Hundal, senior analyst at Swyftx, recently told Magazine that his “caution” about XRP is that “the better side becomes too dependent on the narrative.”
relevant: It may take time for XRP price to ‘rise’ to $10, traders say.
Hundal argued that the price of XRP could face short-term pressure if “unpleasant surprises” arise during the US CLARITY Act voting process.
Other signs show that the overall market is struggling and is still mostly focused on Bitcoin.
The CoinMarketCap Altcoin Seasonal Index currently shows a “Bitcoin Score” of 31 out of 100, indicating that Bitcoin has outperformed most of the top 100 altcoins over the past 90 days.
The Crypto Fear & Greed Index, which measures overall cryptocurrency market sentiment, recorded a “fear” score of 26 in Thursday’s update, indicating investors are taking a cautious approach to the cryptocurrency market.
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