In the last several days, a bull surge was the narrative of the larger market. The impact was not universal, however, with several altcoins indicating a delayed reaction. Although Bitcoin, Ethereum, and Cardano appear to have gone past or strengthened close to their immediate strength. Other assets still need an accurate breakdown of the clasps.
Surprisingly, the second category may also be XRP. Let us study the existing market structure of XRP and discover indicators of a constant tendency towards distinguishing reality from fantasy.
XRP Chart Update
Source: TradingView
After examining the daily maps of Bitcoin and Ethereum, they clearly define a different and more significant spike compared to their current bases. Unfortunately, XRP still has to surpass its prior low level. The crypto asset has consolidated in the previous four days alone below $0.80.
However, few measures seemed to emphasize another point of view. In the previous 24 hours, XRP has supported more than 3.5 billion dollars in daily trade, according to CoinGecko. Bitcoin and Ethereum just surpassed this amount (Tether is excluded). By extension, its trade volume was far larger than that of Cardano, Binance Coin, Dogecoin, etc.
Source: Santiment
Currently, XRP investors in the short term are not entirely underwater as the ratio of 30-day MVRV shows a rentable time. The MVRV ratio of XRP at the moment was 11.63%, identical to the one week of May.
Although this portion of the chain was positive, the difference between the active addresses and the price was not very nice.
Source: Santiment
The divergence of daily active addresses between XRP and its price indicated a selling signal, as seen in the chart attached. This may be since, contrary to the price movement of the alt, daily active addresses have fallen.
This isn’t a favourable indicator for a competent bull rally.
Perhaps not. XRP price in the past was not overly dependent on the chain performance. Thus the price will advance if other top assets start to rise. XRP may have tremendous opposition to other higher objectives, but the asset will probably continue to move ahead.
Recommended for You
- Top 3 Richest Crypto Projects With Strong Potential in 2021
- Jack Dorsey’s Square Acquires Afterpay to Thrust Cash App
- BlockFi vs. Celsius Compared for the Best Interest Accounts on Bitcoin
- Blockchain Association Singapore Elects Former CEO to Advisory Board
- Kraken Brings Crypto Degrees, Investing $300k on University of Wyoming
