XRP Showing Bullish Signal Amid Trader Capitulation, According to Crypto Analytics Firm
XRP is in the middle of flashing a “slight bullish sign,” according to the crypto analytics firm Santiment.
Santiment notes that XRP is showing mild trader capitulation, compared to the majority of other digital assets, which are witnessing mild profit-taking.
Explains the firm,
“Historically, coins moving at a greater ratio at a loss compared to profit have a higher likelihood of rising in value.”
XRP is trading for $0.483 at time of writing. The sixth-ranked crypto asset by market cap is up 0.81% in the past 24 hours but down around 1.36% in the past seven days.
Santiment also notes that crypto traders were feeling bearish at the start of this week, an indicator that has historically been bullish for the market.
“After crypto markets topped out last Friday, traders came into the start of the week with expecting that prices would continue to retrace and provide opportunities to buy in the $27,000-$29,000 level. High bearish sentiment increases further rise probability.”
The crypto analytics firm also says the largest non-exchange Ethereum (ETH) whales are gobbling up the second-largest crypto asset, taking it off exchanges.
“The largest non-exchange addresses, in the meantime, continue getting richer while the top exchange addresses are near genesis levels. ETH supply on exchanges is down to 9.2%.”
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