Bitcoin and altcoins experienced a sharp and sudden drop last week. On this decline, BTC fell to $ 25,000, while Ethereum fell to $ 1550.
Other than ETH, many altcoins experienced sharp drops, some of them XRP, Litecoin (LTC).
However, Santiment said that after the sharp correction last week, some altcoins are showing signs of recovery.
Stating that these altcoins are XRP, LTC and Stellar (XLM), Santiment said that the downtrend is likely to continue this week.
“After the crypto market crashed last week, several altcoins are showing signs of recovery, especially XRP, LTC, and XLM.
But don't be surprised if the downtrend continues this week as market cap to realized metrics continue to show that traders are on the upswing.”
📈 After #crypto market caps dropped sector-wide last week, several #altcoins are scratching their way back, particularly $LTC, $XRP, & $XLM. With market value to realized value metrics continuing to show traders are down big, don't be surprised if the trend continues this week. pic.twitter.com/cX8q9Tcu7B
— Santiment (@santimentfeed) August 21, 2023
Stating that there is also other data supporting the recovery in XRP, Santiment said that XRP whales turned the declines into opportunities and took action again and accumulated.
“XRP is starting to see some slight signs of recovery and today's 4% price increase seems to be supported by some of XRP's biggest whales as well.
There are 221 addresses holding between 10M-1B. With their recent purchases, they now have a combined 16.13 billion coins worth $8.71 billion.”
🐳 #XRPNetwork is starting to see some mild recovery signs, and today's +4% price rise appears to be supported some of the asset's largest whales. There are 221 addresses holding between 10M-1B $XRP. They now hold a combined 16.13B tokens worth $8.71B. https://t.co/vyy0WwRtFq pic.twitter.com/4wMLQxMlIA
— Santiment (@santimentfeed) August 20, 2023
After Ripple's victory against the SEC, XRP, which went up to $ 0.92, returned these gains and fell to $ 0.42.
XRP, which recovered afterwards, continues to be traded at $ 0.5226 at the time of writing.
*Not investment advice.
