Ripple (XRP) has seen strong bullish sentiment as buyers defended the key $0.45 support level, despite a market-wide selloff. According to on-chain data from Santiment, a cluster of large investors holding 1 million to 10 million XRP coins bought the dip and added 80 million coins to their wallet balances over the past two weeks. The newly added XRP coins are now worth $36 million. Positive divergence between price and buying trends among this cohort of whales could signal a pending price reversal.

In addition to on-chain data, sentiment indicators also support the possibility of an impending price rebound for XRP. The XRP Weighted Sentiment, which tracks the market perception by comparing ratios of positive and negative social media mentions, recently dropped to its lowest low since February 2021. This typically signals a reversal of an ongoing bearish trend.

Historical price trends could also indicate a possible price rebound of XRP in the near future. The XRP Market-Value to Realized-Value (MVRV) ratio is currently at the same level as it was in 2022 and shortly after the assets experienced major price gains of 12%.

So far, XRP holders have managed to defend the $0.45 support level. However, should the support level fail and the price drops to $0.41, XRP investors may intervene and buy up supply, causing a rebound. Thus, XRP could be on the verge of a price reversal, with on-chain data, sentiment indicators, and historical price trends pointing to an increase in the coming days.



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