- Buying pressure on XRP was high, while its price action was sluggish.
Most metrics and indicators hinted at a price correction.
As a researcher with experience in the cryptocurrency market, I’ve closely watched XRP‘s price action and market sentiment. While there’s been an increase in social metrics and discussion around the token due to recent regulatory developments, its price remains sluggish. The high buying pressure, as indicated by exchange outflows and a drop in supply on exchanges, is not translating into significant price gains.
Recently, there’s been an increase in social activity surrounding Ripple [XRP] within the cryptocurrency community, signaling growing interest and recognition in this token. However, its price behavior has raised some concerns.
Will the rise in popularity be enough for XRP to wake up the bulls?
XRP: a topic of discussion
Recently, Santiment shared a tweet drawing attention to the fact that XRP was a popular topic of conversation in financial markets due to its significant increase in discourse.
As a crypto investor, I’ve noticed that the recent announcement from the US Securities and Exchange Commission (SEC) could be one reason for the current market volatility. Specifically, the SEC stated that Ripple Labs’ upcoming stablecoin offering has not been registered as a crypto asset with them yet. Therefore, it’s essential to keep an eye on any regulatory updates that may impact individual crypto projects and the broader market.
As an analyst, I’ve observed an intriguing discrepancy between the social metrics and the price of the token. Although there was a noticeable uptick in social engagement over the past day, the token’s value experienced a modest decline.
Based on information from CoinMarketCap, the token is currently priced at $0.5203 and has a total market value exceeding $28.7 billion. This positions it as the seventh largest cryptocurrency by market capitalization.
it was intriguing to observe that as the token’s price decreased, investors showed an increased interest in purchasing it. According to AMBCrypto’s analysis of Santiment’s figures, XRP saw significant Exchange Outflows continuing to occur.
Its Supply on Exchanges also dropped, further suggesting that buying pressure was high.
From my perspective as a market analyst, I’ve noticed that Cryptoes, a renowned crypto expert, recently raised some concerns regarding XRP. According to his assessment, XRP’s current price happens to be precisely at the 21-day moving average line.
At press time, the token’s price had fallen below that level, which is a bearish signal.
Which way is XRP headed?
To see whether a further downfall is around the corner, AMBCrypto checked the token’s daily chart.
I discovered through my analysis that the token’s Chaikin Money Flow (CMF) took a significant downturn over the past few days. Additionally, its Relative Strength Index (RSI) followed suit and began to trend downwards.
As a crypto investor, based on the current indications, I anticipate that the token’s value could potentially decrease further. If this downward trend continues, XRP may reach its support level around $0.50.
A further decline from that could result in XRP dropping to $0.47 in the coming days.
Realistic or not, here’s XRP market cap in BTC’s terms
Another way to phrase this is: The number of new connections for this token’s network has been decreasing over the past thirty days. Consequently, there were fewer new addresses generated during this timeframe for facilitating token transfers.
Despite a potential loss of investor confidence in XRP being a possibility, the coin’s optimistic outlook was evident as its Weighted Sentiment score remained positive at that moment.
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2024-05-10 06:15