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Data Reveals Why XRP Is Showing Good Signs of a Potential Rebound
Despite the rising crypto market uncertainties, XRP could be on the cusp of a recovery to higher prices spurred by retail sentiment.
The excitement around an XRP rebound on Tuesday has quickly turned sour. After an over 2.4% increase to an intraday high of $2.23, the cryptocurrency relinquished all of its gains early Wednesday, retracing to $2.14 at the time of writing.
Rebound Signs Stands Strong
The firm’s belief in this trajectory stems from retail market sentiment and how prices have historically reacted to it. Santiment highlighted that retail wallets are selling off their XRP holdings, a move that typically sparks a price recovery.
For context, the analysis classified retail wallets in this context as addresses with less than 100 XRP, worth $214 at the current market price.