Today, we will examine XRP, which refuses to fall despite the negative weather in the market.
What Does Santiment Data Say?
Recent data from on-chain analytics platform Santiment revealed that Ripple is showing several bullish signs. These signs could lead XRP traders to gains in the new year. Priced around 34 cents, according to Coinmarketcap data, XRP has mostly traded in the range of 28 and 54 cents in the last six months. However, the asset has been in a bearish trend since 2021.
However, Santiment noted that they see it as part of a larger uptrend that could complete a triangle formation. Since the XRP price is at the bottom of this triangle, some investors may see it as a low-risk, high-reward opportunity.
What’s Up With XRP Whales?
Another assessment of the supply distribution on the XRP network revealed that investors holding between one million and 10 million XRP have increased their holdings by 25% in the last six months.
The activity of whales on the network can also be considered as an important determinant of the direction of the XRP price. However, Santiment also mentions that in the face of the persistent decline in the value of altcoins, the increased XRP accumulation in the last six months may have hit the bottom.
Garlinghouse Hopeful for 2023
Ripple CEO Brad Garlinghouse commented on the regulatory clarity in crypto in a Twitter post on January 3. Garlinghouse stated that he is optimistic that by 2023, groundbreaking regulatory clarity will be created in the crypto industry. Garlinghouse emphasized that the USA will not start its work in 2023 with a blank slate, citing drafts such as the securities clarity law, the responsible financial innovation law, the clarity law for digital assets, which the United States has previously worked on.
The CEO also underlined that no bill is perfect and there will probably not be a bill that will satisfy everyone.
XRP Price Analysis
The ratio of XRP’s 30-day moving average market cap to realized value showed that investors lost an average of 7% during the day. Oftentimes, investors are reluctant to sell their tokens at these levels as they will incur losses. Therefore, investors’ holding on the asset could potentially lead to a rally in XRP value.
The continued uptrend and the relative stability of the XRP price will eliminate the FUD experienced in the market. Also, this development could lead to a much-desired rally in the XRP price.
Santiment data also underlines that the XRP price, which has been struggling with negative investor sentiment for the last two months, has not been negatively affected despite all these negativities, and comments on this situation: “The price of an asset can sometimes go against the sentiments of retail investors, which means that the price may rise even if there is a bearish outlook. ”
As we can understand from these developments, data on XRP whales and XRP show that the rise is close. Well, let’s take a look at the support and resistance levels we need to follow, if you wish.
If XRP, which is priced at 34 cents, continues to rise, the first resistance point it will encounter is in the 37 cent region, while the second resistance level of the asset is in the 40 cent region. In case of a possible decline, the support levels to be followed are located at 34 and 30 cent points.
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