XRP Has Reached A New Benchmark And Now Outperforms Both BTC and ETH

The performance of XRP over the past few weeks has been extremely lackluster, as seen by the fact that its seven-day growth was a negative 7.71%.

The token experienced a downward trend after reaching the mark of 0.3878 on the 17th of August, and it reached a low of $0.3447 on the 20th of August. During the time this article was being written, the price of XRP was $0.3451, and its market capitalization stood at $17,194,718,951.

Nevertheless, Santiment, a crypto analysis operation brought up an intriguing bit of information. Despite the significant price drop, XRP’s favorable mood was far higher than that of several other cryptocurrencies that performed better, such as Bitcoin [BTC] and Ethereum [ETH]. Although the data from Santiment suggest that XRP will see better days in the near future, the image that is painted by various on-chain indicators is rather different. For example, from the beginning of August, the number of daily active addresses used for XRP transactions has been steadily going down.

As a result, this indicates that there is a departure of investors from the network. The transaction volume of XRP failed to display any noteworthy increases throughout the month of August, as it stayed rather stable throughout the month. In addition, Santiment demonstrated that the amount of development activity had reached substantial lows after the price drop that occurred on August 18th.

Taking into account all of these metrics, it seems likely that the currency will have a difficult time rapidly increasing its price in the near future. In addition, the ratio of Market Value to Realized Value (MVRV), which had dropped to its lowest point in August of 0.338, has been slowly climbing higher.

An examination of the chart for XRP’s two-hour time frame revealed a pattern called a bullish ascending triangle, which further increased the likelihood of an uptrend. Ribbons depicting an Exponential Moving Average (EMA) indicated the bears held a significant advantage in the market. However, given that the Relative Strength Index (RSI) indicated that the market was in a position that was rather neutral, there is no way to say anything with absolute certainty.

In addition, the data shown by the Moving Average Convergence Divergence (MACD) indicated the potential for a bearish crossover in the near future, which could lead to a further decline in price.

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