XRP has witnessed a substantial increase in network activities and social engagement this July, marking significant milestones in its ongoing development. Data analyzed from Santiment highlights multiple aspects of this growth, underlining the cryptocurrency’s rising influence.
From July 17 to 23, the XRP Ledger (XRPL) recorded an impressive spike in large-scale transactions. Specifically, 4,727 transactions exceeded the $100,000 mark, indicating heightened interest and activity from significant investors. This surge points to robust investor confidence and a bullish outlook on the currency.
The subsequent week of July 24-30 also showed remarkable growth in user engagement, with 9,482 new XRPL wallets being created. This notable increase in new participants suggests strengthening the XRP community, potentially enhancing the ledger’s security and decentralization aspects.
By the end of July, conversations about XRP represented 2.59% of all crypto-related discussions across various social platforms. This marked increase in social dominance reflects the community’s active involvement and the broader market’s recognition of XRP’s value proposition.
Analyst Predicts XRP Surge to $3.5 Short-Term, Long-Term Target at $25Over the past 24 hours, XRP has experienced a notable downturn in its market value. As of press time, the price of XRP has decreased by 7.12%, closing at approximately $0.5653. This marks a significant shift from the day’s high of $0.6086.
The cryptocurrency’s market capitalization has similarly retracted by 7.05% to $31,658,925,250. Trading volume surged by 10.60%, reaching $1.8 billion, indicating increased selling pressure or speculative trading amid the price drop.
The daily technical indicator for XRP has revealed significant volatility as the cryptocurrency faces a tumultuous trading session. Technical analysts are closely monitoring the Moving Average Convergence Divergence (MACD), which appears to be shifting from bullish to bearish territory. The MACD line, above the signal line, indicating potential buying opportunities, has crossed below, suggesting a change in momentum toward selling pressures.
The histogram, previously filled with bullish blue, has started to show bearish red bars, further confirming the downturn. The Relative Strength Index (RSI) points to a near neutral state with a current reading of 48, bordering the typical oversold threshold of 50.
