San Francisco, California – Despite a recent drop in the value of XRP, the number of investors holding between 1,000 and 1,000,000 tokens has increased in the past month. Data from Santiment shows that this group of XRP holders, known as “whales,” totaled 860,000 at the end of the 30-day period, marking a 0.23% increase.

This slight growth is notable because it follows a significant decline in the number of XRP whales earlier in the year. The figures reveal that from an initial 867,000 whales at the start of the year, the number fell to a low of 858,000 by April 3rd before starting to rise again.

The rise in the number of XRP whales is a potentially bullish sign for the cryptocurrency, as it often precedes a surge in price. Despite a recent 7% decrease in value, demand for XRP remains strong among investors, as indicated by key momentum indicators like the Chaikin Money Flow.

The Chaikin Money Flow, which tracks the flow of money into and out of an asset, has been trending upward despite the price decline. This divergent behavior suggests that buyers are accumulating XRP despite the drop in price, indicating a belief in a potential price increase.

While selling pressure on XRP has been high, the rising Chaikin Money Flow signals that continued buying momentum could eventually outweigh selling pressure, leading to a possible price rally. The analysis of the MACD line also supports the possibility of a short-term increase, with the line crossing above the signal line on April 21st and moving in an upward trend.

Despite these potential bullish indicators, the MACD and signal lines for XRP remain below the zero line at present, indicating that bearish influence still holds sway over the market.