- Market sentiment around XRP turned bullish, as its price lifted 7% in 24 hours.
- In case of a continued price rise, XRP might reach $0.69 in coming weeks.
The entire crypto market turned bearish of late, with Bitcoin’s [BTC] chart remaining in the red as well. However, Ripple [XRP] decoupled from the rest, sparking excitement in the community.
Let’s take a closer look to find out why XRP is up today.
A bullish takeover
Bitcoin, the king of cryptos, witnessed a minor correction in the last 24 hours. Meanwhile, XRP bulls caught investors off-guard as the altcoin surged by more than 6% in the last seven days.
In fact, in the last 24 hours alone, the token’s value increased by over 7%. At the time of writing, XRP was trading at $0.6415 with a market capitalization of over $35 billion, making it the 6th largest crypto.
AMBCrypto’s analysis of Santiment’s data revealed that despite the sluggish price action, BTC’s Weighted Sentiment spiked on the 27th of July.
XRP’s sentiment, however, gained upward momentum on the 29th of July, after which its price started to rise.
This meant that bullish sentiment around XRP started to increase even before the token’s price. Additionally, XRP’s Social Volume increased, reflecting a rise in its popularity.
Source: Santiment
Why is XRP up today?
AMBCrpto then took a look at other datasets to find out what allowed the token to decouple from the market. As per our analysis, XRP’s trading volume surged substantially while its price increased.
Generally, a rise in trading volume amidst a price uptick acts as a foundation for the bull rally. Its Network Growth saw an uptick as well, indicating that more new addresses had been created to transfer the token.
XRP’s MVRV ratio also spiked, reaching a press time value of 19%. However, this value was close to the July high. When the altcoin’s MVRV had reached its July high, it soon witnessed a correction.
Source: Santiment
Apart from this, Santiment posted a tweet on the 31st of July, mentioning that the number of wallets holding at least 10K XRP has skyrocketed in the past five weeks, reflecting investors’ intent to accumulate.
Read Ripple’s [XRP] Price Prediction 2024-25
The road ahead
AMBCrypto’s analysis of Hyblock Capital revealed that if the bulls continue to dominate, then investors might soon witness the token touch $0.66. A breakout above that could allow the token to reach $0.69.
However, in case of a bearish trend reversal, XRP might plummet to $0.62. Going further south, its next support would be $0.61.
Source: Hyblock Capital