• XRP whales have been accumulating tokens recently, helping to drive up the price of XRP.
• Altcoins such as Litecoin (LTC) and Stellar (XLM) have also seen signs of recovery.
• Donut (DONUT) is generating a lot of discussion on social media due to speculation that it may be listed on a major crypto exchange.
XRP Whales Accumulating Tokens
Blockchain analytics platform Santiment has reported that deep-pocketed investors are driving up the price of XRP with their accumulation spree. Data shows that 221 addresses holding between 10 million – 1 billion XRP now hold a combined 16.13 billion tokens worth $8.71 billion.
Altcoins Showing Signs of Recovery
The broader crypto market recently dipped, but some altcoins have started to show signs of recovery, such as Litecoin (LTC) and Stellar (XLM). Santiment believes these recoveries could continue based on its Market Value to Realized Value metric which indicates when assets are overvalued or undervalued.
Donut Generating Social Media Buzz
Donut (DONUT), an asset project providing token rewards for posts on Reddit, has been generating much discussion due to speculation that it may get listed on a major crypto exchange soon. This has caused traders to anticipate a potential rise in DONUT prices once it is officially listed by Kraken.
MVRV Metric Indicates Further Recovery Possible
Santiment’s MVRV metric suggests further recovery may be possible across multiple altcoins this week, including LTC, XLM and XRP. The data shows traders are down big after last week’s dip in the market cap sector-wide, so any additional gains would be welcome news for those invested in these digital assets.
Crypto Market Volatility Remains High
It remains to be seen whether speculation around Donut’s listing will result in significant price gains or if other altcoins can continue their recent recoveries amidst continued market volatility across the crypto space.