As a seasoned researcher with years of experience in the ever-evolving world of cryptocurrencies, I find myself intrigued by the performance of Ripple [XRP]. Last week, it was one of the highest gainers among top assets, a fact that caught my attention. However, upon closer examination, I noticed that while XRP saw a bullish breakout and experienced a strong upward trend, it lacks substantial support from key metrics such as volume and daily active addresses.
In the previous week, Ripple (XRP) stood out as one of the top performers among major cryptocurrencies. Yet, upon examining crucial indicators, it seems that XRP could encounter hurdles in maintaining this upward trajectory unless there are substantial alterations in network usage and market sentiment towards investors.
Ripple sees a bullish breakout
Over the last week, Ripple saw a significant surge, managing to breach crucial resistance barriers.
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.
As a crypto investor, I’ve noticed that this recent surge has propelled XRP over its short-term moving average (the yellow line), an obstacle it had previously struggled to overcome and act as resistance.
The increasing cost of XRP contributed to a bullish trajectory for the cryptocurrency, with its Relative Strength Index (RSI) showing this trend. At approximately 60, the RSI suggested a strengthening of positive momentum among buyers.
However, as of this writing, XRP has seen a slight pullback, losing over 1% and currently trading at around $0.58.
Even though there was a recent drop, XRP continues to show optimism as it surpassed its short-term moving average, suggesting that it could potentially experience more upward momentum in the near future.
Ripple’s price surge lacks support from key metrics
An examination of Ripple’s (XRP) trading volume and daily user activity suggests that the recent price increase has not provoked much response or reaction.
On the 13th of September, we saw a modest surge in daily active wallets, exceeding 20,000. Yet, this increased activity soon tapered off, dwindling to approximately 17,000 by the next day.
On September 13th, there was a temporary surge in trading activity for XRP, reaching about $1.8 billion. Yet, this heightened activity didn’t last long, as the volume dropped significantly over the next few days, settling around $1 billion.
A prolonged absence of continuous activity in these crucial metrics implies that there wasn’t enough interaction or demand to keep up the favorable trend observed in XRP‘s price.
As the cost increased and surpassed crucial resistance points, the internal network’s activity level was too low to sustain the upward trend.
XRP remains among the top assets
An analysis of data from CoinMarketCap found that over the last week, Ripple (XRP) saw significant gains and rose approximately 11% to take the second spot among top performers.
Realistic or not, here’s XRP market cap in BTC’s terms
During this timeframe, the only investment that surpassed Ripple’s performance was Toncoin (TON), experiencing a rise exceeding 19%.
Currently, the market value of Ripple stands around $33.1 billion, securing its place among the top seven largest cryptocurrencies when ranked by market capitalization.
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2024-09-16 07:04