Ripple [XRP]: Here is what these bullish indications mean for your investments

exhibited a few bullish signs. This could lead the altcoin holders towards some gains in the new trading year., XRP exchanged hands at $0.3511 as of this writing. XRP experienced mostly range-bound trading within the $0.28 – $0.54 range over the past six months. Furthermore, the altcoin has been in a downward trend since 2021.This, however, remained a part of a larger upward trend that could complete a triangle pattern formation, Santiment opined.

The activity of this whale category could also be considered as a significant determinant of the direction of XRP’s price. Increased XRP accumulation in the last six months in the face of a persistent decline in the alt’s value might mean that the bottom was in, Sanitment found.Further, at press time, XRP’s Market Value to Realized Value ratio on a 30-day moving average showed that traders currently logged average losses of -7%.

A continued uptrend of this metric and relative stability of XRP’s price would drive out the FUD that has lingered in the market. Furthermore, this could lead to a much-desired rally in XRP’s price.As regards market sentiment, data from Santiment showed that XRP’s market had been plagued by negative investor sentiment in the last two months. However, despite the negative sentiment within this period, the price of XRP remained unaffected.

“The price of an asset can sometimes go against the sentiment of retail traders, meaning that it could increase even though there is a bearish sentiment.”iSubscribe to get it daily in your inbox.

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