Lorenzo Stroe
Independent Analyst
- XRP/USD has been trading sideways for the past six days.
- Bulls are keeping XRP above the daily 12-EMA.
- The trading volume on all exchanges is declining significantly.
Most technical indicators are neutral as XRP continues trading sideways without seeing a lot of action. Yesterday, on June 7, XRP had a significant drop to $0.1983 but managed to recover quickly and it’s trading above $0.20 again at the time of writing.
Tremendous social volume spike for XRP
According to data by Santiment, there has been a significant increase in XRP’s social volume.
$XRP has entered the top spot on @santimentfeed's Emerging Trends, and has seen massive social volume spikes. These are potential indicators of an upcoming decoupling from $BTC, so keep an eye on #Ripple's upside since these spikes aren't pump-related yet. https://t.co/bOsEdsGXz4 pic.twitter.com/HbTxWegRVv
— Santiment (@santimentfeed) June 4, 2020
Social volume is an important metric but it doesn’t seem to be affecting XRP’s performance for now. Another notable metric is the supply of XRP outside exchanges. The number of XRP coins being deposited to exchanges in February 2020 was close to 58 billion but has dropped to 56.9 now which indicates more people are willing to hold XRP or at least not sell it.
While these fundamental metrics aren’t powerful enough to push XRP in the short-term, they constitute a notable long-term indicator.
XRP technical values
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off
Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?
Bitcoin fails to recover as Metaplanet buys the dip
Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration
In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.
Bitcoin dives 3% from its recent all-time high, is this the cycle top?
Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.