XRP’s recent surge in price has led to a notable increase in whale activity for the cryptocurrency. Currently, a key indicator is signaling a sell for the sixth-largest digital asset.
In the last 24 hours, XRP has seen a 14.2% increase in value, now trading at $0.69. With a market cap of $37.8 billion and a daily trading volume of $7.2 billion, XRP continues to make waves in the market.
Data from Santiment reveals that whale transactions involving $100,000 or more worth of XRP have surged by 205% in the past day, rising from 770 to 2,347 unique transactions per day.
Additionally, XRP’s Relative Strength Index (RSI) has climbed from 62 to 72, indicating that the asset may be slightly overbought, potentially leading to increased price volatility.
To maintain a bullish trend, XRP’s RSI would need to cool down below the 60 threshold. The price-daily active addresses (DAA) divergence for XRP has also decreased to negative 29%, signaling a potential sell when active addresses decline while the asset’s price rises.
Moreover, XRP’s total open interest has surged from $635 million to $845 million in the past 24 hours. Despite market conditions suggesting overheating, the XRP Binance funding rate has increased from 0.05% to 0.08%, indicating a growing number of investors betting on a further price rally.
If XRP’s price experiences a decline, traders may witness a significant liquidation of long positions. Stay tuned for more updates on XRP’s market performance.