By Franklin Smith
Ripple (XRP) closed the previous week with an attractive increase in trading volume during July 15’s last trading hours.
Santiment data shows the remittance token saw its trading volume surging to 18.7 billion. Surprisingly, XRP’s performance revealed a different narrative despite the late trading volume increase on its 24hr chart.
XRP Price Performance
While publishing this blog, XRP traded at $0.334, losing 1.48% in its price within the previous 24 hours. Despite its late trading volume uptick on July 15, the 24hr timeframe shows XRP’s trading volume slumped by 86.72%.
Furthermore, XRP saw steady accumulation within the past day, despite the minute price decline. While publishing this content, the RSI (Relative Strength Index) maintained upsides at 48.86. The MFI (Money Flow Index) stayed beyond the 50-neutral position at 67.10.
For now, XRP ranks 7th on the Coinmarketcap crypto ranking, with its market cap standing at $16.14 billion during this publication. The cross-border transaction token hovered 91.31% lower from the $3.84 all-time high.
On-Chain Analysis
More Santiment data shows a drop in unique addresses transacting XRP over the past 24 hours. This metric hovered around 24,800 during this publication, reflecting a 16% drop.
Similarly, XRP assets in finalized transactions within the past day plunged by 91% from the July 15 figure of 2.35 billion. Meanwhile, XRP’s transaction volume over the past 24 hours dropped to $59.92 million from $787.7M in USD terms within the last day.
Meanwhile, new addresses joining the network increased by 5% over the last day, hovering around 1,702 during this publication. Evaluating social metrics shows the asset’s social dominance increased by 43% over the past day. Nevertheless, XRP’s social volume declined by 67% within that timeframe.
Avoiding the pivot at $0.3460 would bolster upswings toward the initial resistance at $0.3605. Broader market sentiment remained crucial for XRP to surge past Saturday’s $0.3560 highs. A stretched upside can see the alt exploring the second massive resistance near $0.3706. Ripple will encounter another hurdle at $0.3952.
Meanwhile, declines from the pivot would see the token at the initial support of $0.3359. excluding extended declines, XRP should prevent drops to the second foothold at $0.3214, with $0.33 expected to limit downsides. Nevertheless, the 3rd crucial support stands at $0.2968.
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