XRP, one of the top cryptocurrencies, is showing bullish signals on both technical and social fronts, according to crypto analytics platform Santiment. The XRP chart indicates a buy signal, with strong support at $0.45 and potential targets of $0.51 and $0.60. Additionally, the XRP Network has seen a significant increase in discussions, indicating growing social dominance for the altcoin.
The altcoin market has been buzzing with activity lately, with coins like Litecoin (LTC) and Solana (SOL) making major moves. However, traders are now turning their attention to Cardano (ADA) and XRP. Santiment reports that many traders have been selling their ADA and XRP holdings at a loss, as both coins retrace from their previous week’s rally. This mild trader capitulation could lead to price bounces for ADA and XRP.
On the other hand, Ripple whales, or large XRP holders, have been accumulating the cryptocurrency at every stage. Crypto analyst Ali Martinez reveals that Ripple whales have purchased a total of 1.1 billion XRP, worth $570 million, since late February. Martinez also points out that XRP is flashing a buy signal on the technical chart, indicating the possibility of over 20% gains from the current price level of $0.47 in the near term.
In addition to XRP, Bitcoin (BTC) and Ethereum (ETH) are also showing bullish signs. Santiment notes that Bitcoin’s sharks and whales, referring to holders of at least 10 and 1,000 BTC respectively, have been actively accumulating more coins despite the cryptocurrency’s price remaining relatively stagnant. This accumulation by large Bitcoin holders suggests continued confidence in the asset.
Related Post
Similarly, Ethereum is showing positive signals on its blockchain. The number of new addresses being created is steadily increasing, which Santiment associates with upcoming price rallies in the past. This indicates a potentially bullish outlook for Ethereum, especially as it hovers just below the $1,900 mark.
It’s worth noting that Santiment’s analysis is based on historical patterns and indicators, and market conditions can change rapidly. Traders and investors should conduct their own research and exercise caution when making decisions related to cryptocurrencies.
In conclusion, XRP is currently showing a buy signal on the technical chart, with strong support at $0.45 and potential targets of $0.51 and $0.60. The XRP Network is also experiencing increased discussions, indicating growing social dominance for the altcoin. Bitcoin and Ethereum are also flashing bullish signs, with large holders accumulating more coins and Ethereum’s network growth indicating a potentially bullish outlook. However, it is important for traders to conduct their own research and exercise caution in the volatile cryptocurrency market.
