The XRP was trading at the $ 0.88 level. Liquidity has increased consistently over the past two weeks. After the fall of altcoin a week ago, XRP’s market capitalization increased. Altcoin has a market capitalization of $ 88.5 billion, although the price continued to remain more than 75% of ATH in 2018.
In this market capitalization, the number of transactions is at the mid-level after the peak reached in early 2021. Although the XRP price was impacted after SEC x Ripple procedures declaring XRP a security, the recovery above the $ 0 level , 60 was almost dramatic. This fuels the long-term optimistic narrative of XRP.
Based on the chart above, the short-term ROI for XRP is largely negative in 30 days, however, in 90 days it is over 95%. Last week, there were 8,174 transactions on the XRP network. With 46% circulation, the volume of trade is high on exchanges such as Binance, Huobi Global, OKEx, ZG.com. XRP currently ranks 6th and is likely to rank in the top 5 after a price hike.
Here are two factors that are likely to contribute to the rally.
- The increase in the number of transactions on the XRP network;
- An increase in liquidity.
With 46% of the current supply and an index of 72.95 NVT, the increase in XRP prices is likely to be prolonged, with an increase in the on-chain analysis of transactions. Metrics and on-chain transactions support the optimistic XRP narrative.
In addition, the growing dominance of altcoins vs. Bitcoin is another factor that drives up prices. Currently, there are more than 15,000 active addresses, XRP’s liquidity is leading the rise in prices. The social volume has dropped today, it is negative by 12%. The increase in social volume over the next few days this week is likely to signal an increase in price, as social volume and price are directly proportional in the case of XRP and most altcoins in the top 25, based on market capitalization.
XRP’s upbeat narrative is supported by altcoin resisting selling pressure on the exchanges as well.
Source: AMB Crypto