- XRP has stayed in the $0.6 price zone.
Its RSI has maintained a very bullish trend in the last few days.
As a seasoned researcher with extensive experience in analyzing cryptocurrency markets, I’ve closely monitored Ripple (XRP) and its recent price movements with great interest.
Recently, the price of XRP by Ripple has experienced a significant increase, resulting in positive effects on various facets of its market performance.
Although the total count of XRP owners hasn’t seen substantial growth yet, those who currently own XRP have observed a noteworthy rise in the worth of their investment.
Ripple standing its grounds
Based on a daily chart analysis by AMBCrypto, XRP has demonstrated tenacity in holding its ground within the $0.6 price bracket following its peak around the 17th of July.
Also, XRP’s prices have been oscillating between gains and declines over the past few days.
I analyzed the cryptocurrency market on the 24th of July and noticed a notable increase in XRP‘s value. The price jumped by around 3.40%, reaching an approximate height of $0.61, which was a considerable rise from its initial session price of roughly $0.59.
Despite the initial growth, the price decrease by more than 3% by the end of trading on July 25th, bringing it back to the $0.59 range. Currently, the price hovers around $0.6, representing a minimal rise of approximately 1%.
As of the current report, the yellow line representing the short-term moving average hovered near $0.54, while the blue line signifying the long-term moving average was located approximately at $0.49, offering underlying support.
Additionally, the arrangement of the moving averages showed that the yellow line stayed beneath the blue line. However, a faint uptick in the yellow line hinted at strengthening short-term momentum.
If the current trend persists, this indicator might indicate an imminent bullish shift for XRP‘s price. A bullish shift is typically signaled by a crossover event, which would serve as a promising indication of potential price increases.
Number of holders remain stable
Despite XRP’s recent developments, the total number of holders has remained relatively stable.
Based on the available data, as of the first day of the month, roughly 5.23 million individuals held XRP when its price was around $0.4. The most recent statistics show a slight uptick in this figure, with approximately 5.25 million XRP holders now.
XRP profit picks up
The analysis conducted by AMBCrypto using data from Santiment indicates that changes in XRP‘s price have led to noticeable shifts in its profitable supply.
Read Ripple’s [XRP] Price Prediction 2024-25
During the earlier part of the month, the profitability of the supply saw a significant surge, rising from approximately 66% to more than 86%.
Starting on the 24th of July, this metric experienced a significant increase and reached a peak of over 87%. This is its highest point since April. At present, approximately 86% of the supply is generating profits, equivalent to around 86 billion XRP tokens in profit.
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2024-07-26 15:04