XRP achieves a new milestone
XRP, the world’s third-largest cryptocurrency by market capitalization, has achieved a new milestone. The digital asset has now been listed on over 100 exchanges worldwide.
This is a significant achievement for XRP as it further cements its position as a top cryptocurrency. The fact that it is now being traded on over 100 exchanges also highlights the growing interest and demand for the digital asset.
With this listing, XRP is now available to be traded by a wider range of investors and traders. This will likely lead to increased liquidity for the digital asset and could help drive its price higher in the future.
The news of this listing comes at a time when XRP’s performance has been quite
A quick look at the metrics
The data from Santiment may point to better days ahead for XRP, but there are other on-chain metrics that tell a different story. For instance, the number of daily active addresses on the XRP network has been steadily declining since the beginning of August. This suggests that investors are leaving the network. Additionally, XRP’s transaction volume has failed to show any significant spikes; it has remained relatively constant throughout August. These trends indicate that investor interest in XRP may be waning, which could have negative implications for the cryptocurrency’s price in the future.
XRP’s price action over the past few days has been nothing short of bullish. After a period of consolidation, the token surged by over 20% in a matter of hours, pushing its market capitalization back above $20 billion.
At the time of writing, XRP was trading at $0.55, up 7% from its 24-hour low of $0.51. Furthermore, the Market Value to Realized Value (MVRV) metric, after falling to August’s lowest of 0.338, steadily moved upwards and was presently at 0.354.
A look at XRP’s two-hour chart revealed a bullish ascending triangle pattern, further raising the chances of an uptrend. The price was trading between the ascending trendline and horizontal resistance at $0.55.
The MACD indicator showed increasing bullish momentum, while the Relative Strength Index (RSI) was in overbought territory but had room to move higher.
The Exponential Moving Average (EMA) ribbons indicated a strong bear advantage in the market. However, if the bulls can push the price above $0.58, XRP could start a new uptrend that could see it climb towards $0.70 in the near-term.
On the downside, if the bears defend the $0.55 resistance level, XRP’s price could drop back towards $0.51. Below this level, further support can be found at $0.50 and $0.49.
The bulls need to push the price above $0.58 to start a new uptrend that could see XRP reach $0.70 in the near-term. However, if the bears defend the $0.55 resistance level, XRP could drop back towards $0.51 in the short-term.