Ripple’s public sentiment increases with the whales buying in on XRP heavily and also started accumulating at these prices so let’s read more in our latest Ripple news.
Even since the US Securities and Exchange Commission filed a lawsuit against Ripple for the unregistered securities offering in 2020 with investors expressing their fears about XRP. The new wave of uncertainty struck the crypto market after a few sources close to the Biden administration said that the policymakers are planning to increase taxes for wealthy investors which spiked ripple’s public sentiment.
The Crypto Fear and Greed Index which is a collective metric that measures current sentiments on the market swung from Extreme Greed to Fear for the first time in a year. It then saw the XPR-related social sentiment experiencing a drop, reaching the lowest levels since March. It has experienced a huge uptick in the past few days with it struggling with higher prices in the next weeks as the data suggests that the prices tend to trend upward when social perception is low.
XRP’s supply distribution shows that the buying pressure behind the biggest crypto by market increased dramatically over the past few days even as the social sentiment reached a low a week ago. Santiment recorded a huge spike in addresses with millions of dollars in XRP referred to as whales. Indeed, the number of addresses holding more than 1,000,000 XRP shot up by 1.25% where about 19 new whales joined the network in such a short period.
The latest increase in the number of large investors behind XRP seems like they are insignificant at first glance but when considering that these whales hold over $1.4 billion in the altcoin, the sudden spike in upwards pressure can translate billions of dollars worth of market cap rise.
As previously reported, The so-called XRP army went wild after Judge Sarah Netburn denied the US Securities and Exchange Commission from getting access to the executives’ bank records of Ripple. Her decision was seen as a huge win for investors that rushed to investors to buy some XRP. The instant spike in buying pressure behind the fourth biggest cryptocurrency by market cap led to a 240% surge and the price of XRP skyrocketed from $0.58 to a three-year high of $1.96.
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