Ripple’s recent announcement about its plans to start a stablecoin has caused waves in the cryptocurrency community and caused XRP’s value to rise significantly. XRP had been losing funds since the beginning of the month, so this couldn’t have come at a better time.
Analyst looked closely at the XRP daily period chart and saw that it has been going up for a few days in a row. This suggests that the digital asset is about to take a positive turn. At the start of the month, things went badly.
There was a drop of over 8% in the first three days. At first, it looked like the price was staying the same around $0.60, but finally it dropped, and XRP fell into the $0.50 range.
Ripple’s Rise Despite Setback Signals Positive Trend
Nevertheless, the news of Ripple’s upcoming stablecoin launch gave the XRP market a new lease on hope, causing a noticeable reaction that saw the asset rise by over 3%. Even though there was a small setback that caused a loss of more than 1%, XRP has since made straight small gains.
As of the most recent report, the price of XRP is around $0.60, which is a rise of over 1.6%. It also looks like it’s about to start a new positive trend, as shown by its Relative Strength Index (RSI). A crossing of the RSI above the neutral line is almost complete, which suggests that prices will go up soon.
The social dominance measure on Santiment, which shows a clear rise in XRP’s social dominance over the last 24 hours, is another sign of its comeback. This increase can be seen in its Social Dominance, which has gone up to about 2.08% at the time of writing. This is a little more than the 2.02% that was seen when Ripple announced its stablecoin on April 4th.
More social activity around XRP shows that there is more interest and discussion in the cryptocurrency community. This could change the price trajectory of the asset and bring more attention to it.
Along with social metrics, the seven-day active addresses statistic also shows that XRP is likely to do well. The number of active addresses went up a lot on April 7th, hitting over 158,000, which was the highest number seen in months.
As of this writing, the number has gone down a little to about 153,000, but it is still one of a high number seen in recent years. Aside from that, the amount of XRP traded has slightly increased and now exceeds $1 billion.
There are a lot of good signs, from technical analysis to social metrics, that XRP’s rise back to $0.60 may be due to a Ripple effect, caused by people’s excitement about the start of Ripple’s stablecoin. Everyone is watching XRP to see if it can keep going up and find a way to make even more gains as the cryptocurrency market changes.
