Stablecoin plans recently shared by the Ripple company have sparked deep debate in the cryptocurrency community. Many community members XRP While he expects moves in particular and criticizes the stablecoin move, things seem to be getting better in general.
As we reported as Koinfinans.com, according to the daily charts, the tendency for consecutive upward trends to occur in the price is noteworthy. The current positive trend came after the initial decline of over 8% in the first three days of the month. What initially appeared to be a consolidation around $0.6 eventually turned into a decline as the price dropped to the $0.5 range.
With the announcement of the stablecoin, which is likely to be released in the rest of this year, the XRP price also managed to rise, recording an increase of nearly 3%. Even though the price loses nearly 1% in a range, it generally tends to trend upward.
At the time of writing, XRP was trading around $0.60, up over 1.6%. Moreover, it was on the verge of re-entering an uptrend, as shown by the Relative Strength Index (RSI).
Currently, it is approaching a crossover above the neutral line on the RSI, indicating a positive price movement.
XRP Attracts the Attention of Investors
Analysis of Santiment’s social dominance metric shows that there has been an increase in XRP’s social dominance in the last 24 hours. While this data gives 2.08% data, it indicates a slight increase from the 2.02% value at the stableconi launch on April 4.
This increase shows that XRP has had a larger share in cryptocurrency discussions lately. Such increased social interaction can positively impact the price and draw more attention to the asset.
The seven-day active address metric showed a peak in active addresses on April 7. The chart shows the number rising above 158,000, the highest level observed in months.
As of current writing, although the number has decreased slightly to around 153,000, it remains one of the highest volumes recorded in months. Additionally, volume also managed to increase slightly to over $1 billion.
