- Market sentiment towards XRP has turned bullish, with the price up 7% in 24 hours.
- If the price continues to rise, XRP could potentially reach $0.69 in the coming weeks.
The entire cryptocurrency market has recently taken a downward turn. Bitcoin (BTC) The chart remains red as well. However, Ripple (XRP) Separated from the rest, it energizes the community.
Let’s take a closer look at why XRP is up today.
bullish takeover
Bitcoin, the king of cryptocurrencies, has seen a minor correction in the past 24 hours. Meanwhile, XRP bulls have surprised investors as the alt-coin has surged by more than 6% in the past seven days.
In fact, in the past 24 hours alone, the token has increased in value by more than 7%. As of this writing, XRP is transaction The price is $0.6415 and the market cap is over $35 billion, making it the 6th largest cryptocurrency.
AMBCrypto’s analysis of Santiment data shows that BTC’s weighted sentiment index surged on July 27 despite sluggish price action.
However, sentiment towards XRP began to pick up on July 29, and the price began to rise thereafter.
This suggests that the bullish sentiment around XRP started to increase before the token price. It also reflects the increase in social volume for XRP, which in turn reflects its growing popularity.
Source: Santiment
Why did XRP go up today?
AMBCrpto looked at different data sets to find out why the token could have split from the market. Our analysis shows that XRP’s trading volume has surged significantly and its price has increased.
Typically, an increase in trading volume amid rising prices is the basis for a bullish rally. Network growth has also increased, indicating that more new addresses are being created to send tokens.
XRP’s MVRV ratio also surged, reaching 19% at press time. However, this value was close to its July high. When the altcoin’s MVRV reached its July high, it soon witnessed a correction.
Source: Santiment
In addition, Santiment posted the following: Twitter July 31stThe number of wallets holding at least 10,000 XRP has skyrocketed over the past five weeks, reflecting investors’ intent to accumulate, he noted.
read Ripple (XRP) Price Prediction 2024-25
The road ahead
According to Hyblock Capital analysis by AMBCrypto, if bulls continue to dominate, investors could soon see the token reach $0.66. A break above that could see the token reach $0.69.
However, in case of a downtrend reversal, XRP could crash to $0.62. Further south, the next support level would be $0.61.
Source: Hyblock Capital