- Market indicators were heavily bearish on XRP, suggesting a further price drop.
- XRPL’s adoption increased, which was evident from the rise in new addresses.
Bitcoin’s [BTC] social volume increased over the last few weeks, drastically outperforming altcoins. However, the trend has finally changed as the king of cryptos retreated. Thanks to that, the social volume of several altcoins increased, and Ripple [XRP] was one of them.
How much are 1,10,100 XRPs worth today
As per Santiment’s tweet, XRP was only behind Ethereum [ETH] in terms of social volume. The increment looked encouraging, as it suggested that investors’ confidence in XRP was rising.
?️ With #Bitcoin's social volume finally declining ever so slightly after its March ascension, #Ethereum, #XRPNetwork, and #BinanceCoin are now getting increased discussion. #Altcoins continue recovering by varying degrees based on crowd confidence. https://t.co/JFGG5s76at pic.twitter.com/Vxwur2Qsds
— Santiment (@santimentfeed) June 14, 2023
Celebration ended sooner than expected
Only a few days ago, XRP decoupled from the rest of the crypto market as its price pumped while others’ declined. In fact, the tokens’ price witnessed an increase of more than 7% in a day during that period.
However, the good times came to an end soon as the crypto market underwent another price correction. According to CoinMarketCap, XRP was down by over 7% in the last 24 hours. At the time of writing, it was trading at $0.4716 with a market capitalization of more than $22.5 billion.
The bears have taken over
A look at XRP’s daily chart revealed that the situation can worsen further as most indicators are in the seller’s favor. For example, the distance between the 20-day Exponential Moving Average (EMA) and the 55-day EMA was decreasing, which increased the chances of a bearish crossover.
Its Chaikin Money Flow took a southward path and was heading towards the neutral mark. XRP’s Relative Strength Index (RSI) was also hovering below the neutral mark of 50, which was bearish. Nonetheless, the Money Flow Index (MFI) acted differently as it registered an uptick.
Source: TradingView
Whales have been active of late
While XRP’s price showed high volatility, the whales remained pretty active. This was evident from Santiment’s chart as the number of whale transaction counts spiked. The rest of the metrics were concerning, though.
For instance, its MVRV Ratio was down substantially. In addition to that, XRP’s network growth also went down in the last few days. This suggested that fewer new addresses were created to transfer the token.
Source: Santiment
Read Ripple’s [XRP] Price Prediction 2023-24
XRPL’s performance looks robust
Though XRP’s state looked concerning, XRP Ledger’s statistics were pretty good. Over the past month, XRPL’s adoption has witnessed an increase.
As per XRPScan, XRPL’s number of new accounts gained upward momentum, which looked optimistic. However, despite the increase in the number of accounts, it was interesting that XRPL’s daily transactions remained flat.
Source: XRPScan
