Investors are showing positive sentiment towards XRP, the seventh-largest cryptocurrency, despite a significant increase in its whale transactions.
According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of XRP has increased by 92% in the last 24 hours, from 332 to 637 unique transactions per day.
The surge in XRP whale activity comes as investors anticipate a potential price increase. According to Santiment, positive sentiment around XRP has increased by 65% in the last day.
A report from crypto.news shows that XRP investors began accumulating the asset on July 2, when XRP was trading at around $0.478.
Data from the market intelligence platform suggests that the accumulation phase may be coming to an end amid increased activity on exchanges. According to data from Santiment, the number of XRP tokens entering exchanges has increased from about 55.1 million to 92.9 million coins in the last day.
The volume of XRP leaving exchanges also increased significantly, from 25.3 million to 69.7 million tokens.
The difference of 23.2 million tokens shows that the number of XRP holders looking for short-term profits outnumbers the number of investors accumulating the asset.
Additionally, the XRP Relative Strength Index (RSI) is hovering around 67, according to Sentiment. The indicator shows that XRP is currently slightly overbought and a price correction is expected.
XRP has gained 2.8% in the last 24 hours and is trading at $0.544 at the time of writing. The asset has a market cap of $30.3 billion and a daily trading volume of $2.2 billion.
Notably, XRP briefly hit a three-month high of $0.568 earlier today.
