According to blockchain analytics platform Santiment, holders of the native XRP Ledger (XRPL) token are rapidly accumulating the digital asset.
According to Santiment, whales and sharks have been actively adding to their XRP holdings over the past 11 months, bringing their total holdings to 51.59 billion tokens, worth $29 billion, the highest ever.
“XRP has broken $0.58 for the first time since the broader market rally on April 12. This rally is supported by the increasing levels of coin holdings by whales and sharks, who own more than 100,000 XRP coins. A notable turning point in supply accumulation began in August of last year.”
At the time of writing, XRP is trading at $0.57, down 8% over the last 24 hours.
Santiment also reported that Ethereum (ETH) competitor Cardano (ADA) is one of the most bearish altcoin projects based on social media sentiment, which could be a sign that a price reversal is coming.
“Trader sentiment follows price action. This week, XRP exploded with a bullish narrative. On the other end of the spectrum, Cardano is at its weakest point in over a year. Trading against the consensus of the crowd can be profitable.”
At the time of writing, ADA is trading at $0.42, down 4% over the last 24 hours.
Finally, Santiment warned that bullish sentiment on social media for XRP and peer-to-peer payments network Litecoin (LTC) suggests that prices could be volatile in the short term.
“As cryptocurrencies continue their incredible market-wide rally, keep an eye on Litecoin and XRP. Both coins have high levels of FOMO (Fear of Missing Out). While these coins could continue to rally, crowd enthusiasm for these assets could make them high-risk, high-reward investments this week.”
At the time of writing, Litecoin is trading at $71.14, down about 2% over the last 24 hours.
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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are your responsibility and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
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