The XRP community is once again buzzing with fresh hopes. Santiment, a well-known intelligence platform, has revealed an optimistic insight for the crypto asset, which might lead to a firm price rebound.
XRP Is Poised For Significant Rebound
Santiment took to X (formerly Twitter) to share its latest optimistic overview of XRP. The intelligence platform’s insights delve into XRP’s present market dynamics while utilizing on-chain data analysis.
Initially, Santiment raised the potential for the crypto to go below the $0.5 price threshold. According to the firm, this marks the first time the token will fall below this price level since October 2023.
Notably, this prediction has already manifested early today, as seen in the image below.
In the analysis, Santiment noted that XRP whale transactions valued at $1 million and above reached a new high on Wednesday. Santiment claims this is the highest in the last seven months. The last time it was this high was July 13 and 14, 2023.
In addition, the platform claimed that this “oddly” aligned with a price spike after a ruling by a federal judge in the United States regarding the token’s classification in the country. It further asserted that the pattern has reappeared, with 217 transactions exceeding $1 million recorded yesterday.
The post read:
Yesterday had the most XRP $1M+ whale transactions on the network (217) since prices skyrocketed after a judge ruling that no securities laws were violated by Ripple back on July 13th and 14th.
Also, the firm has stressed that they have not seen panic from XRP whales. They added that, as of yesterday, wallets holding at least 10 million XRP had about 67.2% of the current circulating supply.
According to Santiment, the percentage above is the highest the token has experienced since December 31, 2022.
Important Signals Suggest A Rebound For The Asset
Following the analysis, the on-chain firm stated that “some key signals” could lead to price recovery. Santiment asserted that these signals put the asset as one of the potential “candidates” for a rebound.
However, it stated that the coin’s recovery depends on Bitcoin (BTC) stabilizing throughout “the rest of the week.” Despite the drop, the token has proven resilient lately, staying in the top 10 cryptocurrencies by market capitalization.
The price of XRP is currently at $0.495, indicating a more than 2% decline in the past 24 hours. Data from CoinMarketCap shows that its market cap has decreased by 2.19%, while its trading volume has dropped by over 25% in the past day.
Featured image from Shutterstock, chart from Tradingview.com