Ripple
XRP’s on-chain evaluation to help you sail through crypto winter
Posted:
| Last updated: February 6th, 2024
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XRP, which was subject to a lot of heat due to its ongoing lawsuits, witnessed positive development in the past few days. According to Santiment, the crypto community continued to have a positive stance on XRP.
Here’s AMBCrypto’s Price Prediction for Ripple for 2022-2023
According to the crypto analytics firm Santiment the traders’ sentiment of late has turned positive. Consequently, a rebound is expected in Q4 for XRP. The same development was observed for other cryptocurrencies such as BTC, ADA, and BNB.
Source: Santiment
Furthermore, in a recent tweet, Ripple expanded on how using its whitepaper, financial intermediaries can integrate crypto assets.
This could indicate that Ripple was actively trying to seek out collaborations with other financial institutions.
Despite Ripple’s enthusiastic attempts to facilitate partnerships and collaborations, XRP still had a long way to go.
At the time of writing, Ripple’s daily active addresses witnessed a decline over the past month, implying that users on the Ripple network were passive in terms of activity. Another metric to indicate the declining activity was Ripple’s velocity.
As can be seen from the image below, Ripple’s velocity declined sharply over the past few days. Thus, inferring that the frequency with which XRP was being traded had reduced considerably.
Coupled with these developments another bearish sign for XRP was the decline in development activity. The steady decline of the development activity over the past month could imply that work on future upgrades and updates on the Ripple network may have slowed down.
Source: Santiment
However, there was a slight uptick observed in XRP’s network growth over the last few days. This reveals investors’ renewed interest.
Alongside that, there was also growth observed in terms of market cap dominance. As evidenced by the chart below, Ripple’s market cap dominance observed an immense surge over the past few months. In the last 30 days, it appreciated by 10.39%.
Source: Messari
With a heavy mix of both bullish and bearish indicators, it would be difficult to predict where XRP is headed next.
However, at the time of writing, it was trading at $0.444 after declining by 3.46% in the last 24 hours.
