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Market sentiment around XRP turned bullish, as its price lifted 7% in 24 hours.
In case of a continued price rise, XRP might reach $0.69 in coming weeks.
As a seasoned crypto investor with a knack for reading market trends and understanding technical analysis, I find the recent surge in XRP intriguing. While the broader market has been bearish, XRP seems to have decoupled, which is not an everyday occurrence in this volatile market.
Recently, there’s been a general downturn in the cryptocurrency market, and even Bitcoin‘s [BTC] graph has stayed in the negative zone. But Ripple [XRP], surprisingly, seems to have broken free from this trend, causing quite a stir among its supporters.
Let’s take a closer look to find out why XRP is up today.
A bullish takeover
In the past day, Bitcoin, often referred to as the ruler of cryptocurrencies, experienced a small adjustment. On the other hand, investors were taken aback as XRP, a popular alternative coin, climbed by over 6% within the last week.
Over the past day, I’ve observed a significant surge in the token’s value, with an increase exceeding 7%. As I pen this down, XRP is being traded at approximately $0.6415, and its market capitalization stands above $35 billion, positioning it as the sixth largest cryptocurrency in the market.
According to AMBCrypto’s interpretation of Santiment’s statistics, while Bitcoin’s price movement was slow, its Weighted Sentiment significantly increased on July 27th.
The feeling towards XRP began to trend positively on July 29th, sparking an increase in its value thereafter.
The positive outlook towards XRP was already growing prior to the token’s price hike, and this surge in optimism was mirrored by an uptick in social chatter about XRP, suggesting a rise in its prominence or popularity.
Why is XRP up today?
Later on, AMDCrypto examined additional data sets in search of factors that enabled the token to deviate from the general market trend. Our findings indicated a significant spike in XRP‘s trading activity as its value also rose.
Typically, when trading activity increases along with a rising price trend, it lays the groundwork for a bull market. Also, the network growth experienced a surge, suggesting that an influx of new accounts emerged to move the token around.
The MVRV ratio for XRP has risen significantly, currently at 19%, which is not far from its peak in July. It’s important to note that when XRP’s MVRV reached this July peak, a correction followed shortly after.
In addition, Santiment shared a tweet on the 31st of July, noting that over the past five weeks, there’s been a significant increase in the number of wallets containing at least 10K XRP. This surge seems to indicate that investors are actively accumulating this digital asset.
Read Ripple’s [XRP] Price Prediction 2024-25
The road ahead
According to AMBCrypto’s examination, if the bulls maintain their control, there’s a possibility for the token price to approach $0.66 in the near future. If it surpasses this level, the token might even climb up to $0.69.
If the market trend for XRP changes to bearish, it could potentially drop down to around $0.62. Should this trend continue, a subsequent level of support could be found at approximately $0.61.
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2024-07-31 14:16