- XRP and LTC both surged more than 18%.
- Prices likewise fell by more than 6%.
After Bitcoin (BTC) surged past the $70,000 price range, several altcoins recorded consecutive wins, with notable surges observed in Ripple (XRP) and Litecoin (LTC).
The problem still remains. Could this altcoin sustain its rally?
XRP and Litecoin drive social and market activity.
XRP and Litecoin saw a surge in social activity as trading closed on March 11.
While much attention has been focused on Bitcoin’s impressive rise, these altcoins have seen a notable increase in their social dominance.
Analysis by AMBCrytpo via Santiment shows that XRP’s social dominance has risen to around 2.24%. Litecoin also followed suit, rising 1.2% on the same day.
These changes were significant considering previous levels. As of this writing, social dominance has fallen to around 1.8% and 0.9%, respectively.
Source: Santiment
Also take a look at AMBCrypto LunarCrush’s Data shows that XRP and LTC lead other altcoins in terms of social activity volume.
Santiment’s market activity data also highlighted that XRP and LTC were among the best performers, with prices increasing by more than 13%, lagging behind Ton.
XRP and Litecoin see record trading volumes.
XRP and Litecoin also saw significant surges in trading volume, reaching levels not seen in months.
On March 11, XRP’s trading volume exceeded $6 billion, the highest in seven months.
At the time of writing, trading volume had further increased to over $7.3 billion, another record high. The last time XRP observed such significant volume was in July, when that figure exceeded $23 billion.
Source: Santiment
Likewise, Litecoin also saw a notable increase in trading volume on March 11, rising to around $1.07 billion after a period of decline.
As of this writing, Litecoin’s trading volume has surged to over $1.6 billion, reminiscent of the June period when volume exceeded $3 billion.
XRP and Litecoin Can’t Maintain Rally
XRP and Litecoin experienced significant price surges on March 11, leading to increased trading volume and social activity.
The price of XRP rose more than 18% to around $0.72, marking the biggest surge since July 2023. However, at the time of writing, it is down more than 6% and trading at around $0.69.
A downtrend indicates difficulty sustaining the rally.
The surge in trading volume also suggested the dominance of sellers in trading activity.
Source: Trading View
Likewise, Litecoin surged 18% on March 11 to reach around $103.8, a level not seen since 2023.
Despite this notable rise, Litecoin’s price was unable to maintain momentum, falling more than 6% to around $97.2 at the time of this writing.
Source: Trading View
Moreover, the Relative Strength Index (RSI) of both altcoins fell below 64. Analysis shows that the spike briefly pushed RSI above 70, but then fell back below as prices fell.
RSI notes suggest that XRP and Litecoin are still in a strong bullish trend despite minor setbacks..
Profit supply shows different patterns.
Over the past 24 hours, both XRP and Litecoin have seen similar price trends. However, if we take a closer look at the total supply of the revenue, we see that XRP accounts for a higher portion than Litecoin.
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AMBCrypto’s analysis of Santiment’s total supply showed that XRP’s revenue was approximately 91.3 billion coins. This number represented over 91% of the total supply at the time of writing.
On the other hand, Litecoin’s analysis shows that more than 58.1 million of the supply has been profitable, which is approximately 78.2% of the total supply at the time of writing.