XRP has been enjoying a favorable price trend over the past week, shown by its positive daily and weekly charts. A recent analysis has suggested the possibility of a significant uptrend for the token.
However, the actual scenario may differ.
XRP Performance Overview
Data from CoinMarketCap indicates that XRP experienced a bullish trend last week, with its price increasing by over 3%.
Over the last 24 hours, XRP continued to show promise, with a 2% price rise observed.
Despite these price movements, the token’s social metrics did not reflect positively. Social Volume for XRP decreased, signaling a decline in its popularity. Additionally, the Weighted Sentiment dropped, signaling an increase in bearish sentiment surrounding the token.
XRP’s Immediate Future
Recently, a well-known crypto analyst named Amonyx hinted at an imminent bullish rally for XRP via a tweet. The analysis appeared to align with the Elliott Wave Theory, which predicts market price movements.
The theory involves analyzing price chart peaks and troughs to determine potential price increases.
Amonyx’s tweet highlighted a bullish pattern where XRP was testing a resistance level. While a breakout could have sparked a bull run, the outcome was different this time, resulting in a correction for the token.
In response, CryptoCrypto decided to delve into XRP’s on-chain data for further insights on the token’s direction.
According to our analysis of Santiment’s data, network growth notably declined last week, indicating a decrease in new addresses creating XRP transactions.
Coinglass data showed a drop in XRP’s Long/Short Ratio, suggesting a market shift towards more short positions than long positions, a bearish sign.
On a positive note, the MVRV ratio displayed improvement in the recent days.
Reviewing the token’s daily chart, we aimed to identify potential price targets for XRP in the near future. Our analysis revealed a downward trend in the Relative Strength Index (RSI).
If this trend leads to a price decline, XRP could potentially reach $0.48. Conversely, the Money Flow Index (MFI) indicated an upward movement, hinting at a possible price increase towards $0.59.