XRP started to experience a sudden rise early this morning and made its investors happy. What is the latest situation in XRP, the world’s sixth largest crypto asset? Is XRP on the verge of a breakout? Renowned analytics firm Santiment scrutinized XRP data to seek answers to these questions and more.
In the new episode of Insights, Santiment’s XRP is also included in the analysis. Santiment interprets XRP’s social volume metric; He stated that even when XRP, the sixth largest crypto asset, rose from $ 0.85 to $ 1.21, it was not talked about enough on the internet.
According to Santiment, it is quite healthy for crypto followers on the internet not to talk about XRP. If the XRP price continues to rise and still the interest in XRP does not rise enough, then we can talk about the fact that the masses no longer believe in XRP.
At the same time, Santiment, which examines the shares on XRP on social media, stated that although there has been a decrease in shares recently, there has been a large increase in the number of active wallets using XRP after XRP’s bottom hit in July, which is probably why investors use wallets depending on the altcoin’s real-world use case. is showing.
“This increase in users against a relatively quiet price action suggests that there are probably no speculators, whatever the use case currently in XRP, we can consider users to have actual distribution on the network…”
According to Santiment, the steady increase in the number of real users in XRP has caused the XRP price to rise, so this rise is real and quite healthy.
Santiment is also looking at the MVRV 7D metric, which can be calculated by dividing XRP’s market value by its actual value. According to the firm, the metric shows that XRP has more room to grow in the short term.
“XRP’s MVRV 7D, which measures short-term owners’ profit/loss, shows that we still have a small area before we enter the danger zone, where we usually see a local top formation (short-term).”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.