According to recent data provided by analytics platform Santiment, the XRP token has managed to defy fear, uncertainty, and doubt (FUD) within the retail sector.
After the price of the token recently experienced a severe drop, retail investors expected the price to continue falling, thus selling at a loss.
However, the XRP price moved against retail sentiment, recently surpassing the $2.5 mark for the first time in more than a week.
Right before the recent price surge, the ratio of positive vs. negative comments hit its lowest point in roughly nine months.
Evernorth catalyst
XRP's recent price recovery comes after Ripple-backed health services company Evernorth announced that it was raising a total of $1 billion via a public listing, with Japanese financial behemoth SBI Holdings being among its key backers.
The funds will be primarily used for setting up an XRP treasury by buying the Ripple-linked token on the open market.
The tokens will also be used for various yield-generation strategies in order to amplify returns.
However, the jaded market is already blase about XRP treasury firms, which is why the price action is rather muted despite the sheer bullishness of the announcement.
While XRP is doing slightly better than the broader market, the token is still down by 0.5%.
Larsen's sale
Ripple's Chris Larsen recently threw a wrench in the works for the bulls by offloading $120 million worth of XRP.
However, it is worth noting Larsen is among the backers of the Evernorth entity. The Ripple co-founder confirmed that he was investing 50 million XRP tokens in the firm while warning that on-chain analysts might see some wallet movements.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team