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The cryptocurrency market has seen a resurgence since yesterday morning. After weeks of downward momentum, XRP has turned its direction upwards with the market’s rise. XRP has gained 4% in the past 24 hours and started trading at $0.64.
XRP Reverses Course
The cryptocurrency market has seen a resurgence with Bitcoin reaching $30,000. Many high-market cap cryptocurrencies have experienced value increases since yesterday morning. Ethereum (ETH) has seen a 1.5% increase in the past 24 hours and started trading at $1860.
The total market value of the crypto industry has reached $1.19 trillion according to CoinMarketCap (CMC). Additionally, with increased volatility, approximately $80 million worth of short and long positions were liquidated in the past 24 hours according to Coinglass data.
After experiencing a strong rally in mid-July, XRP has reversed its downward momentum with the market’s rise. XRP has recorded a 4% increase in the past 24 hours and started trading at $0.64.
Critical Indicators Point to a Decline?
Crypto analysis platform Santiment highlighted critical metrics for XRP in light of the recent market rise. While XRP has gained momentum with the market’s upward trend, significant decreases have been observed in some critical metrics.
According to the data shared by Santiment, network activity has experienced a significant decline in the past five days and approached the lowest levels of the past four weeks. Additionally, addresses holding over 100 million XRP have contributed significantly to the increasing selling pressure in recent weeks.
However, despite the decline in network activity and increased selling pressure, there have also been indicators pointing to an upward trend. Santiment, drawing attention to on-chain data, reported a significant increase in daily active addresses since the beginning of the week.
