XRP is gradually making silent bullish moves amidst the seemingly ongoing bear market. The crypto asset has been struggling in tandem with BTC and the rest of the crypto markets. Notwithstanding, that has neither checked Ripple’s growth nor stifled the community’s bullish outlook. Most recently, XRP recorded one of its highest whale transactions in a while, with sentiments looking ultra bullish.
XRP recorded 452 transactions involving $100k+ worth of the asset
Behaviour analytics platform Santiment recently released a chart revealing XRP whale transaction count data. The chart revealed that XRP recorded a 3-month high in whale transactions ($100k worth of XRP or more) this week. The crypto asset saw about 452 transactions involving $100k+ in 8 hours. The value signified the highest whale transaction count since May.
In addition, the chart revealed data on Ripple’s Weighted Sentiment, which had sustained a good look. With a value of around 2.1, XRP’s Weighted Sentiment saw a peak not witnessed in over three months. Weighted Sentiment had remained low in mid-August despite the asset holding its own above $0.3.
Since August 4, the Weighted Sentiment on XRP had stayed bearish, dropping to the negative. This followed the slight rise from the 3-month low of late June and early July. Sentiment picked up from August 19. Surprisingly enough, XRP recorded this metric when its price fell to August’s lowest points with the rest of the markets.
Court’s summary judgement will reveal new evidence in SEC vs Ripple case
Despite taking a hit with the rest of the markets, the XRP community has retained optimism. In addition to this, Ripple’s Network Value to Transaction Ratio bears auspicious values. Santiment released the asset’s NVT chart on August 23 which indicated generally bullish signs.
“August appears as though it’s on its way to reveal a bullish or semi-bullish NVT divergence for XRP by the end of the month. And with four straight months in the green, this could be promising,” a Santiment analyst said.
XRP has picked itself up from the dust after falling to its August bottom of $0.332 on Monday. With a more promising outlook, the asset is looking to test the $0.36 levels again. At the time of reporting, XRP trades at $0.34, with gains of 1.47% in the past 24 hours.
Amidst these PAs, Ripple is recording wins in the litigation against the SEC. Attorney John Deaton revealed on August 20 that the court’s summary judgement motions would show “new evidence” in the case. According to Deaton, this includes testimony from William Hinman.
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