- XRP, Ripple’s native cryptocurrency, is demonstrating early bullish signs amid a mixed market, backed by positive updates in Ripple’s ongoing case with the SEC.
- Despite a minor correction in the last 90 days, XRP’s on-chain data shows promising trends for future growth.
In the constantly evolving digital market landscape, XRP, the native cryptocurrency of Ripple, is setting itself apart by displaying preliminary bullish indications. This stands out particularly against the backdrop of last week’s rally, where notable cryptos like Bitcoin (BTC) and Ethereum (ETH) witnessed price jumps of over 12% and 8% respectively, while XRP showed a downward trajectory.
Although XRP faced a minor setback in the past 90 days with a price drop of around 12%, the crypto asset is up by 42% on a year-to-date (YTD) basis. This growth is seemingly buoyed by positive developments favoring Ripple in their ongoing legal tussle with the U.S. Securities and Exchange Commission (SEC).
On-chain data, as presented by Santiment, reveals intriguing insights. While major crypto assets began the week with somewhat stagnant activity, XRP seems to be bucking the trend, showing hints of bullish momentum. This is attributed to a higher ratio of tokens moving at a loss compared to profit, which interestingly, often signals a potential price surge.
Further reinforcing this analysis is the fact that XRP’s transaction data reveals a higher number of trades at a loss compared to profit this week, when contrasted with other cryptocurrencies. This intriguing pattern could be an early indicator of future upward price movement.
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Meanwhile, XRP experienced a minor dip of around 2% over the last 7 days, while its counterparts, Bitcoin and Ethereum, observed rises of over 13% and 8% respectively. At present, XRP trades at an average price of $0.479, yet its 24-hour trading volume has surged by 16%, currently standing at $924 million.
Ali Charts, a renowned crypto analyst, has highlighted an uptick in XRP’s network activity in recent days. He noted that in the past, a surge in the number of active XRP addresses has been associated with a corresponding price increase, reinforcing the bullish sentiment around XRP’s near future.
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