In the thrilling world of cryptocurrency, the XRP Price has once again taken center stage. With a market capitalization of $37.39 billion, XRP has dethroned Binance [BNB] coin, reclaiming its coveted position as the fourth largest crypto asset. But hold your horses, there’s a twist in the tale!
XRP Price: A Rollercoaster Ride
XRP has been on a rollercoaster ride in recent weeks. The token’s trading volume skyrocketed following Judge Analisa Torress’ ruling, which stated that Ripple’s sale of XRP tokens in 2020 didn’t constitute the sale of an “unregistered security.” This ruling sparked a shift in investor focus to altcoins, causing their volume dominance to leap to a four-month high.
XRP Price: The Ups and Downs
Since the landmark ruling on July 13, the XRP Price has surged by a whopping 51%. At the time of writing, the altcoin is trading at $0.7097. This impressive 49% price jump in the past month, coupled with a corresponding market cap growth, suggests that a correction might be imminent.
A Word of Caution
The Moving Average Convergence/Divergence indicator (MACD) on the XRP Price daily chart indicates the start of a new bear cycle on July 25. This bearish signal suggests that selling momentum is gaining traction. With XRP’s MACD marked by red histogram bars below the zero-line, the market is awash with negative sentiments.
XRP Price: The Demand Dilemma
On-chain analysis reveals a decrease in daily active address count and new demand since mid-July. Data from Santiment shows a 58% drop in the count of daily active addresses trading XRP since July 13. The token has also been hit by a 71% fall in daily new demand.
In terms of XRP trade profitability, the ratio of daily transactions in loss has surpassed those in profit in the last week. This data, provided by Santiment, adds another layer of intrigue to the XRP Price narrative.
In conclusion, while the XRP Price has shown impressive growth, caution is advised. The market is volatile, and a correction could be just around the corner. Stay tuned for more updates in this sensational crypto race!