Ripple
XRP emerges as top gainer, but THESE challenges remain
Ripple saw a strong 14% surge last week, breaking key resistance levels. Can XRP maintain its upward momentum?
- Ripple was one of the highest gainers in the last week.
- XRP remains in a strong bull trend.
Ripple [XRP] performed notablely in the past week, emerging as one of the biggest gainers among top assets. However, a closer look at key metrics suggests that XRP might face challenges in sustaining this upward trend unless significant changes occur in network activity and investor sentiment.
Ripple sees a bullish breakout
Ripple experienced a strong upward trend in the past week, breaking through important resistance levels.
The analysis of XRP’s daily price chart showed that the asset rose by over 14%, ending the week at around $0.59 after an almost 4% increase in the final trading session.
This rally pushed XRP above its short-moving average (yellow line), which had previously acted as resistance.
Source: TradingView
The rise in XRP’s price also moved it into a bullish trend, as reflected by its Relative Strength Index (RSI). The RSI hit around 60, indicating that bullish momentum was growing.
However, as of this writing, XRP has seen a slight pullback, losing over 1% and currently trading at around $0.58.
Despite the recent dip, XRP remains positive, with its breakout above the short-moving average signaling the potential for continued bullish activity in the coming days.
Ripple’s price surge lacks support from key metrics
Analysis of Ripple’s (XRP) volume and daily active addresses indicated that the recent price rise did not trigger significant reactions.
On 13th September, there was a slight spike in daily active addresses, rising to over 20,000. However, this activity quickly subsided, dropping to around 17,000 by the following day.
Similarly, XRP’s volume experienced a brief increase, spiking to around $1.8 billion on 13th September. However, the volume declined afterward, falling to approximately $1 billion in the following days.
Source: Santiment
The lack of sustained activity in these key metrics suggests that there needed to be more engagement or buying pressure to maintain the positive momentum seen in XRP’s price.
While the price rose and broke key resistance levels, the underlying network activity was insufficient to keep the rally going.
XRP remains among the top assets
Analysis of data from CoinMarketCap revealed that Ripple (XRP) was the second-highest gainer in the past seven days, increasing by nearly 11%.
Realistic or not, here’s XRP market cap in BTC’s terms
The only asset that outperformed Ripple during this period was Toncoin (TON), which saw a gain of over 19%.
As of this writing, Ripple’s market capitalization is approximately $33.1 billion, solidifying its position as the seventh-largest cryptocurrency by market cap.
