- XRP chart flashes a buy signal with $0.45 as strong support and potential targets of $0.51 and $0.60.
- The social dominance for XRP is increasing as the XRP Network sees a strong uptick in overall discussions.
The altcoin space has been buzzing with recent activity with altcoins like Litecoin (LTC) and Solana (SOL) making major moves. However, traders have set their eyes on two more cryptocurrencies in the top ten list i.e. Cardano and XRP.
As per the crypto analytics platform Santiment, these two cryptocurrencies have been flashing bullish signals. Santiment notes that a large number of traders have been selling their ADA and XRP stacks at a loss as both altcoins retrace from their last week’s rally. The platform further adds that this mild trader capitulation can ignite bounces for ADA and XRP prices. Santiment notes:
Top cap crypto assets are being traded at a loss after the high profit-taking last week, leading to the price drop we’ve seen. XRP and ADA are seeing a particularly high amount of sells at lower prices, making the chances of bounces increase.
XRP Technical Chart And On-Chain Indicator
On the other hand, Ripple whales have been accumulating at every stage. Popular crypto analyst Ali Martinez reported last week that Ripple whales have purchased a total of 1.1 billion XRP worth $570 million since late February.
He also shows that Ripple’s XRP flashes a buy signal on the technical chart with a possibility of over 20 percent gains from the current levels of $0.47, in the near term.
#Ripple | The TD Sequential presented a buy signal on $XRP 3-day chart.
Still, #XRP must hold above $0.45 to surge to $0.51. Note that slicing through $0.51 could trigger a breakout to $0.60. pic.twitter.com/lGSzlf8Sxh
— Ali (@ali_charts) July 10, 2023
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Additionally, Santiment also notes that “XRPNetwork has seen an uptick in discussion in Monday’s early hours. Generally, when traders are increasing discussions of an asset while its price has been declining, it increases the probability of a price rise to cancel out #FUD & greedy #shorts.”
Bitcoin and Ethereum Also Flash Bullish Signs
Apart from altcoins, the world’s two largest cryptocurrencies – Bitcoin and Ethereum – also flash bullish signs. As per Santiment, large Bitcoin (BTC) holders, commonly known as sharks and whales (referring to those who hold at least 10 and 1,000 coins respectively), have been actively accumulating more Bitcoin over the past few weeks, despite the cryptocurrency’s prices remaining near their recent highs. It notes:
Bitcoin’s sharks and whales aren’t showing any signs of slowing down, even with prices beginning to get ‘boring’ in this $30,000 to $31,000 range. Since June 17th, 10 to 10,000 BTC addresses have accumulated 71,000 more coins, equating to $2.15 billion.
According to the firm, Ethereum is showing a positive signal on its blockchain as the number of new addresses continues to grow steadily. In the past, this trend has often been associated with upcoming price rallies, indicating a potentially bullish outlook for Ethereum.
Santiment noted: “Ethereum’s network growth has somewhat quietly been on the rise. New addresses are being created at an increased pace, which is a signal for eventual market cap growth. We’ll monitor this bullish divergence as ETH ranges just below $1,900.”
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