Connect with us
Active Currencies 14794
Market Cap $2,467,692,571,200.00
Bitcoin Share 51.25%
24h Market Cap Change $-0.87

XRP achieves a new milestone, beats even BTC and ETH in…

2min Read

Share this article

XRP’s performance in the last few weeks has been quite stagnant as it showed a negative 7.71% seven-day growth.

After touching the 0.3878 mark on 17 August, the token gained a southbound momentum and fell to $0.3447 on 20 August. At the time of writing, XRP was trading at $0.3451 with a market capitalization of $17,194,718,951. 

Source: CoinMarketCap

However, Santiment pointed out an interesting fact. Despite the price plunge, XRP’s positive sentiment was well above several other better-performing cryptos, including Bitcoin [BTC] and Ethereum [ETH]

A quick look at the metrics  

While Santiment’s data indicate better days for XRP in the near future, several on-chain metrics paint a different picture. For instance, the daily active address for XRP has been on a constant decline since the beginning of August.

Thus, indicating an outflow of investors from the network. XRP’s transaction volume also failed to show any significant spikes as it remained quite constant throughout August. 

Source: Messari

Moreover, Santiment’s chart showed that the development activity was also at significant lows after the price plunge on 18 August.

Well, all these metrics suggest that the coin might face difficulty in pushing its price upward in the short term.

Source: Santiment

Furthermore, the Market Value to Realized Value (MVRV), after falling to August’s lowest of 0.338, steadily moved upwards.

In fact, a look at XRP’s two-hour chart revealed a bullish ascending triangle pattern, further raising the chances of an uptrend.

The Exponential Moving Average (EMA) ribbons indicated a strong bear advantage in the market. 

Source: TradingView

However, nothing can be said with utmost certainty as the Relative Strength Index (RSI) showed that the market was somewhat in a neutral position.

Furthermore, the Moving Average Convergence Divergence’s (MACD) data displayed the possibility of a bearish crossover soon, which might result in a further plunge. 

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.