By Franklin Smith
XRP has seen a relatively stagnant performance over the past few weeks, with the remittance token losing 7.71% within the past seven days. XRP gained southbound strength after hitting $0.3878 on August 17, touching $0.3447 as of August 20.
While publishing this blog, the alt changed hands at $0.3451, with a $17,194,949 market cap. Nevertheless, Santiment noted a fascinating fact. Though the price dip, XRP’s optimistic sentiment stayed well beyond other well-performing cryptocurrencies, including Ethereum and Bitcoin.
Metrics at a Glance
Though Santiment revealed a brighter near-term future for XRP, multiple on-chain metrics display a different outlook. For example, XRP’s daily active address maintained steady downtrends since early August.
That confirms investor outflow from the platform. Also, Ripple’s transaction volume could not reflect a substantial spike, staying relatively constant through August. Furthermore, Santiment’s chart highlights that development activity remained substantially low following the August 18 price drop.
Meantime, these metrics show that the alt could encounter challenges in sustaining upsides in the near term. Moreover, the MVRV (Market Value to Realized Value), after hitting August lows at 0.338, steadily climbed. Furthermore, Ripple’s 2hr chart indicated a bullish ascending setup, increasing uptrend chances.
The EMA (Exponential Moving Average) ribbons showed a superior bear advantage in the prevailing market conditions. However, nothing remains a guarantee as the RSI (Relative Strength Index) indicated that the market was in a relatively neutral position.
Moreover, the MACD’s (Moving Average Convergence Divergence) data showed the chance of a bearish cross soon. And that could lead to further plummets.
Meanwhile, bears dominated the crypto market during this publication. Most leading assets have recorded losses over the past few sessions, surrendering crucial levels.
For instance, BTC has declined steadily since failing to conquer $25,000. While publishing this post, Bitcoin changed hands at $21,195.77, losing 2.53% within the last 24 hours.
The global crypto market capitalization also reflected the pessimism within the marketplace. The cumulative value of cryptocurrencies stood at $1.02 trillion during this publication, dropping 2.70% within the past 24 hours. Interested individuals may proceed with care as the near term remains foggy.
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