A blockchain Santiment, an analytics firm, XRP Ledger’s local asset predicts that the price of XRP will rise based on two metrics.
In a statement on Twitter, Santiment says that the increase in the number of addresses on the XRP Network and the popularity of the altcoin on social media signals that the value of XRP may increase:
“XRP is attracting social media attention, and our data objectively shows a significant increase in addresses interacting on XRPNetwork in October.
Historically, these differences have always resulted in price increases.
At the time of writing, XRP is trading at $1.06, up nearly 5 percent in the last 24 hours, according to data from CoinGecko.
According to the blockchain analytics firm, which also mentions the largest cryptocurrency, Bitcoin (BTC) its recent rise to a new record level has also increased its address activity.
“Address activity is currently at a fairly steady rate. [bir milyonun] continues to visit the address above. This is a great indicator that addresses are still interacting with the BTC network in a regular trend as expected, justifying the price increase.”
According to Santiment, Bitcoin’s average dollar investment age has dropped after the flagship cryptocurrency hit an all-time high, indicating that the markets are “in a position to thrive and can thrive.”
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.