Can XRP maintain its position as the fourth largest crypto
Posted:
| Last updated: January 30th, 2024
Journalist
- XRP was trending number 1 on LunarCrush.
- The token’s market indicators and metrics turned bearish.
Ripple [XRP] had a comfortable week as its price increased considerably, sparking excitement in the crypto community. The uptrend not only made investors happy but also allowed XRP to flip BNB Chain [BNB] to become the fourth largest crypto.
Read XRP’s Price Prediction 2023-24
Though at press time XRP managed to hold its position, its price action turned bullish, which might push XRP down on the list of top cryptos in the coming days. Nevertheless, XRP remained a topic of discussion in the crypto space as it was trending on LunarCarush.
XRP moves ahead of BNB
Over the last few days, XRP registered an uptick in its price, allowing it to increase its market cap. In the last seven days, the token’s price went up by more than 3%, which was bullish. The uptrend allowed XRP to surpass BNB in terms of market cap, making it the fourth largest crypto.
Not only did the token’s value increase, but its popularity was also on the rise. As per LunarCrush’s recent tweet, XRP was trending at number one on the platform. Pepe [PEPE] and Shiba Inu [SHIB] also made it to the top 3 on the same list.
However, XRP’s popularity might not be enough for the token to maintain its position, as its price action has already turned bearish.
Top ten current trending searches? on https://t.co/Ye6Yvoh7kQ
1️⃣ $xrp
2️⃣ $pepe
3️⃣ $shib
4️⃣ $ftm
5️⃣ $btc
6️⃣ $inj
7️⃣ $matic
8️⃣ $lunr
9️⃣ $lunc
? $dydx pic.twitter.com/8n3kONT4Th— LunarCrush (@LunarCrush) July 22, 2023
According to CoinMarketCap, the token’s price declined by nearly 4% in the last 24 hours. BNB, on the other hand, only registered a marginal decline in its value, and at press time it was trading at $242.94.
Additionally, their market capitalizations also had a marginal difference of $2 billion, which, considering both the token’s popularity and value, was not a huge difference. This increased the chances of BNB reclaiming its fourth spot on the list of top cryptos.
Will XRP’s price go further down?
A look at XRP’s daily chart gives a bearish notion. For instance, its Chaikin Money Flow (CMF) registered a downtick. The same remained true for its Money Flow Index (MFI), which was bearish. Nonetheless, the Exponential Moving Average (EMA) Ribbon continued to support the bulls.
Source: TradingView
How much are 1,10,100 XRPs worth today
The metrics were also bearish, as its MVRV Ratio plummeted sharply over the last few days. Its network growth went down, suggesting that fewer new addresses were created to transfer the token.
Additionally, XRP’s velocity chose to follow a similar southward path, which was also bearish.
Source: Santiment
