- XRP owners rejoiced at the price advance towards a crucial resistance zone.
- These metrics not only showed accumulation, but they also alerted to potential sales pressure.
Ripple [XRP] On the 20th May, prices rose moderately. In a 24 hour window, it gained 6.13 %. Bitcoin [BTC] The price of the property rose by 6.9%, but there was a slight drop from $71.3k down to $70.9k.
Despite its gains, XRP continues to be traded within a range that is long-term and faces a large supply area between $0.57 and $0.585.
It is important to note that the word “you” means “you”. Ethereum [ETH] ETF approval chances The upgrade to 75% was made from 25%. Eric Balchunas The tokens’ prices soared by 20 percent in just a couple of hours.
ETF analyst adds that it takes everyone by surprise.
It could also lead to the filing of spot ETFs for other cryptos. ETFs could soon be filed for XRP, as it is the biggest token in the market.
But the SEC-XRP ongoing case is still a major obstacle for issuers.
The crypto market is a volatile place and you need to keep an eye on it
In November 2023, XRP soared to $0.7503 due to fake news that BlackRock was preparing a spot XRP-ETF. BTC surged 10% in price one month earlier, after false reports of the approval of a Bitcoin ETF.
The gains in both instances were swiftly reversed. XRP may see a huge price increase due to these reports, but it won’t do much to boost investor confidence.
AMBCrypto therefore analyzed the social network and metrics in order to determine if there would be a real rally for the tokens over the next few months.
Source: Santiment
Daily Weighted Sentiment was positive throughout the majority of last month. XRP struggled during this period to establish a trend.
The volume of social media has remained stable over the past few months, although it is down from last March.
Also, the Open Interest rose to indicate that speculators had more confidence going long. However, the recovery was slow when compared with the April fall.
Source: Santiment
MVRV shows that since the correction in mid-March, investors are losing money. The ratio fell from -19% to -3.83% on April 14th.
Is your portfolio green? Look at the XRP Profit Calculator
The average coin age also continued its upward trend, signaling a network-wide accumulation. These two signals together signaled that there was a good buying opportunity.
The dormant circulate increased during the rally. It was likely that the increased movement of tokens had been for sale. It could hinder bulls from trying to recover and cause prices to fall.
“This article is not financial advice.”
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Source: ambcrypto.com
